Changes to Penfed Rewards Program?

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Details for the new Penfed Visa Signature Rewards card (that some of us are being automatically upgraded to) are posted, and this is on the information page:

*For a limited time until 10/31/13, enjoy 5 points for gas paid at the pump, 3 points for groceries, and 1 point for all other purchases. Get more for your membership.

After 10/31, it looks like it will drop to 3/2/1 points. No mention of this on the platinum version yet, but we are 6 months out. Hopefully this doesn't mean bad news for the platinum card, but it very well might.

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Well, this sucks. There's no way that the Platinum will have better benefits than the Signature. I'm sure they'll update the text on the Platinum soon too to reflect the change occurring on 10/31/31 to the 3/2/1 structure.

I can't say that I'm too surprised -- the 5/3/1 structure is extremely good for a no-annual-fee card. My next question is whether they'll leave the Cash Rewards 5% alone -- if they do, I'm jumping ship from the Platinum to the Cash Rewards ASAP after the switch. The 5% is what makes any of the PenFed cards a compelling option.

I'm really hoping the cash rewards stays the same. FYI, if you switch from platinum to cash, they open a new account, so your AAoA will most likely be reduced.

Is anyone able to contact them and ask if it's true? I never received anything on the signature card and hope I keep the 5/3/1 points.

I received a letter in the mail recently where they will automatically convert (if I don't send an email by 5/10/13) my existing Platinum Rewards Visa into a Signature Visa card with enhanced features, but no mention of a change in terms in the rewards program. I am hoping existing card members are grandfathered into the old 5/3/1 program. As an unrelated anecdote 2 years ago I accepted an upgrade of my Fidelity 2% rewards platinum mastercard to a world mastercard with enhanced features and the rewards program remained the same.

FWIW - I called Penfed and the CSR said there would be no change to the rewards program with the Signature Visa conversion, though I think more data points from other FWs are needed.

Just sent them an email NOT to upgrade me. They say change is good. I say it's always good for THEM, never for us.

I thought you had to opt into the signature card?

any good redemption GC deals?

vickh said:   any good redemption GC deals?

I just got LL Bean cards at 2,300 points = $25 cards (approx 8% savings).

I received the upgrade letter and the following FAQ is on the back of the letter. So it seems we should be fine, I will keep the letter just in case.

It might be the limited time reward in OP's link is for new application only.

Q: Do I keep my current rewards?
A: Yes! Relax knowing we will automatically transfer your existing points to your new card.

Q: Does my new card still earn rewards?
A: Absolutely! You'll continue to eard 5 points on gas purchases at the pump, 3 points on supermarket purchases and 1 point on all other purchases.

Big new feature is the complimentary 24/7 Concierge Service. I like the prior card where each month your rewards balance was automatically credited to your account.

samiam68 said:   Just sent them an email NOT to upgrade me. They say change is good. I say it's always good for THEM, never for us.

Did they ever respond back to you? I've sent three emails - nothing back yet.

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