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mathfaster said:   
sandy05 said:   I'm not seeing visa card redemption option at all. Does penfed not offer visa gift card at all?
  Left hand side of rewards site. Last entry under categories. "Visa Prepaid cards".

Hmm, Visa card is still available at https://www.penfedplatinumrewards.com but gone from https://www.penfedpremiumrewards.com/

I had 30K points on Amex which I just redeemed for Amazon gift card since there was no visa card available at https://www.penfedpremiumrewards.com/ 

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I'm experiancing card rejections on the visa cards I recieved from penfed rewards. I have a $500, which was rejected the first time I used it, and a $100 that was rejected the second time I used it. In an added curiosity I bought both at the same time and they have differing expiration dates, on is 2/15 and the other is 7/14. One rejection was via square at a resturant, and the other was at Amazon purchasing a gift card. WDYT?

Also, adding a pin ... i wasn't able to puzzle out a way to do that.

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Call the number on the card sticker to activate and you can set a pin.

Very useful to get cash out.

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The site doesn't seem to say anything about the 3/2/1 structure. I just searched it to see if there was an update on an additional devaluation.

I'm still getting the 5.3.1 structure right now, as has been stated by others.

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You are still earning 5/3/1, the only devaluation so far is on the redemption, not on the earnings. Look for a earning devaluation to occur mid 2014.

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Any word if we can avoid the devaluation in a manner similar to the Cash rewards card?

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I think it's unlikely. Last summer they tried to get us all to switch over to a 3/2/1 card but allowed people to opt-out. For awhile after that, the (base rate) 5/3/1 card was not available at all. A few months later the devaluation happened. Now, it looks like 5/3/1 base is back. This doesn't seem very planned out, and I'm guessing they were hoping everybody wouldn't opt-out of the 3/2/1 switch and they wouldn't be forced into more drastic measures. I think any further action will be aimed at not having any ways for us to get out of it.

By the way, the anticipated 2014 devaluation was substantiated by a bunch of different people talking to reps during last year's process. I certainly believe those posters, but given how (apparently) disorganized this whole campaign was, I think it's reasonable to wonder if the plan has changed in the meantime-- unless anybody's heard more recent confirmations. Who knows, if their approach was to just try different ways of reducing the amount of money they were paying out, maybe the point devaluation did it. I know I rarely use that card now, and it was a main spender for me.

The timeline that everybody has been throwing around was April, so hold tight .

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dougan778 said:   I think it's unlikely. Last summer they tried to get us all to switch over to a 3/2/1 card but allowed people to opt-out. For awhile after that, the (base rate) 5/3/1 card was not available at all. A few months later the devaluation happened. Now, it looks like 5/3/1 base is back. This doesn't seem very planned out, and I'm guessing they were hoping everybody wouldn't opt-out of the 3/2/1 switch and they wouldn't be forced into more drastic measures. I think any further action will be aimed at not having any ways for us to get out of it.

By the way, the anticipated 2014 devaluation was substantiated by a bunch of different people talking to reps during last year's process. I certainly believe those posters, but given how (apparently) disorganized this whole campaign was, I think it's reasonable to wonder if the plan has changed in the meantime-- unless anybody's heard more recent confirmations. Who knows, if their approach was to just try different ways of reducing the amount of money they were paying out, maybe the point devaluation did it. I know I rarely use that card now, and it was a main spender for me.

The timeline that everybody has been throwing around was April, so hold tight .

  
My CSR said the timeline for reward earnings devaluation would be Summer 2014.  But she told me that in August 2013, so that information obviously may be OBE.     I don't like how PenFed now changes reward programs  rapidly (and not for their customers' benefit) so have drastically scaled down my use of their cards.  They were very proud to announce that "programs may be changed at anytime" when they devalued everyone's points last year without disclosure or notice   (even after the fact).  On the other hand, they are very quick to communicate with endless emails about their products. 
 

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FutureBillionaire said:   The site doesn't seem to say anything about the 3/2/1 structure. I just searched it to see if there was an update on an additional devaluation.

I'm still getting the 5.3.1 structure right now, as has been stated by others.

In the Benefits section, there is a link to https://www.penfed.org/vps_termsandconditions/. It says about 3/2/1 structure that is different from the 5/3/1 on the top of the first page of PenFed Platinum Rewards Visa Signature card.

  • For more information about the rewards program, click here.

 
  

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FutureBillionaire said:   Any word if we can avoid the devaluation in a manner similar to the Cash rewards card?
  
I'm confused, it's still 5%.

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interestedinfw said:   
FutureBillionaire said:   Any word if we can avoid the devaluation in a manner similar to the Cash rewards card?
  
I'm confused, it's still 5%.

  If you didn't take a few seconds to open a CD or money market account, the cash card became 3% on gas, plus a $25 AF.  

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NEDeals said:   
interestedinfw said:   
FutureBillionaire said:   Any word if we can avoid the devaluation in a manner similar to the Cash rewards card?
  
I'm confused, it's still 5%.

  If you didn't take a few seconds to open a CD or money market account, the cash card became 3% on gas, plus a $25 AF.  

  
Sorry all this talk of points has me confused, I've been trying to figure it out.

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interestedinfw said:   
Sorry all this talk of points has me confused, I've been trying to figure it out.

The "Platinum Rewards Visa Signature Card" (usually blue) earns POINTS with the 5/3/1 category structure.  It used to take 5000 points to get a $50 gift card.  It now takes 5900 points with rumors of another pending change in redemption amounts (hence "devaluation")

The "Platinum Cash Rewards Visa Card" (usually green) earns Cash Back.  Last year it came in one flavor that paid 5% Cash Back on gas.  Now there are two.  The "standard" cash rewards card pays 3% on gas and has a $25 annual fee after the first year.  The "plus" cash rewards card pays 5% on gas with no annual fee, but requires you to have another Penfed "product" (CD, checking, mortgage, etc). 

Bottom line is a "Penfed Platinum Rewards Visa card" is ambiguous.  The different cards even have different web sites for rewards redemption with different options.

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wyle1 said:   
interestedinfw said:   
Sorry all this talk of points has me confused, I've been trying to figure it out.

The "Platinum Rewards Visa Signature Card" (usually blue) earns POINTS with the 5/3/1 category structure.  It used to take 5000 points to get a $50 gift card.  It now takes 5900 points with rumors of another pending change in redemption amounts (hence "devaluation")

The "Platinum Cash Rewards Visa Card" (usually green) earns Cash Back.  Last year it came in one flavor that paid 5% Cash Back on gas.  Now there are two.  The "standard" cash rewards card pays 3% on gas and has a $25 annual fee after the first year.  The "plus" cash rewards card pays 5% on gas with no annual fee, but requires you to have another Penfed "product" (CD, checking, mortgage, etc). 

Bottom line is a "Penfed Platinum Rewards Visa card" is ambiguous.  The different cards even have different web sites for rewards redemption with different options.

  
To clarify, the Penfed Platinum Rewards Visa card is not ambiguous.   It (currently) has the 5/3/1 earnings structure.  It has a blue card and does not say Signature.   Mine has a EMV chip as well. 
  The Penfed Platinum Rewards Signature Visa is another card, and is currently offered.  It has a similar earnings structure (plus some Visa Signature benefits), but rumors of a devaluation last year led many to keep their grandfathered Penfed Platinum Rewards Visa instead of the default change to Signature.  It is printed vertically and clearly says Signature.    Until recently, the Signature card was not offered with an EMV chip. 

The Penfed Platinum Cash Rewards Visa is currently green, and used to be light blue or gray.  As the previous post mentioned, it has a 5% gas/no AF if you have certain PenFed products, and 3% gas/ $25 AF (waived first year) if you do not. 
This card *used* to be a great general card as it *used* to have 5% gas/ 2% groceries/ 1.25% everything else, plus free cell phone protection, plus random bonuses for books, travel ,etc.  It's now only good for gas at the pump. 

All currently have no FTF.   (The Cash card used to be 1% then 0% then 1% and now 0% again). 

In other words, keep your eye out for changes.  PenFed loves to bombard you with useless soliciting emails but may not communicate a peep when terms are going downhill for the customer.  

 

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NEDeals said:   To clarify, the Penfed Platinum Rewards Visa card is not ambiguous.   It (currently) has the 5/3/1 earnings structure.  It has a blue card and does not say Signature.   

  The Penfed Platinum Rewards Signature Visa is another card, and is currently offered.  It has a similar earnings structure (plus some Visa Signature benefits), but rumors of a devaluation last year led many to keep their grandfathered Penfed Platinum Rewards Visa instead of the default change to Signature.  It is printed vertically and clearly says Signature.    Until recently, the Signature card was not offered with an EMV chip. 


 

  I gratefully stand corrected.  There is a Penfed Platinum Rewards Visa card as you describe.  Closer inspection shows there's one hiding in my wallet.   I vaguely remember the switch to Signature last year, but obviously I opted out of that.  Guess that's why I thought they were the same thing.  It doesn't look like they offer the non-Signature card anymore since is isn't listed on their website. 

I'm guessing the increase in points for the gift cards in just another not-so-subtle message to get people out of the old card.  For the nit of a small Money Market Savings account, I'm thinking of switching to the "plus" Cash Rewards card that still pays a real 5% on gas purchases. 

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You can also split your credit line and have both. No hard inquiry, but the new card will be dated as a new card on your CR.

You can also fund a money market with $200 from a credit card.

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