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posted: Aug. 16, 2013 @ 1:07p
That stinks. I'm glad I kept the Cash Rewards card.
posted: Aug. 16, 2013 @ 1:22p
I just kept the 5% cash reward for gasoline.
posted: Aug. 16, 2013 @ 1:43p
Yup - this sux. the splash screen still says "awards begin at 5,000 points" but when you click redeem the new rate schedule comes up
dammn - I was thinking the other day - I should cash out what I have and get a visa card and I can use that for car repair / oil changes etc. All in I think the free $250 was worth the switch - but now I need a new go to card.
Darth Winner Chicken Dinner
posted: Aug. 16, 2013 @ 1:52p
Uggh... Visa alternatives like Amazon and WalMart are more points now as well ($100 = 11,800).
posted: Aug. 16, 2013 @ 2:12p
Might need to start looking for an alternative card, esp since it looks like the 5/3/1 structure will expire at the end of the year (3/2/1).
That is their cash rewards card. It does not use points, just straight 5% Cash Back for gas. As far as I know, that program has not been changed this time. I took their bonus offer to switch can I resign up for the cash one?
Senior Member - 2K
posted: Aug. 16, 2013 @ 7:18p
I guess I am not surprised but this is a reason I always cash my rewards out ASAP unless there is some major incentive to do otherwise. Going to have to do some calculations on whether this is worth it still for grocery Cash Back. For gas I am covered by another card that has monthly limits but that limit is enough for our gas expenses. Clearly not worth it for regular purchases now so that leaves groceries which again I have another card that gives 5% back but that is capped fairly low per month.
posted: Aug. 16, 2013 @ 8:02p
nwill002 said: glad i always cashed out my points as soon as i hit $50... do they still let you product change back to cash rewards?
They never allowed that. That's what clued me in to knowing this was a trap.
I took the chance and took the carrot, now we'll see if the non-takers get the stick.
Penfed obviously doesn't want to pay 5% on gas, whether it be on the cash card or the points card.
I predict they will focus their vengeance on the cash people next. Probably by either forcing them into points or reducing the %.
posted: Aug. 16, 2013 @ 9:04p
I'm hoping that they managed to convince a lot of people to switch to their points card and just leave the cash rewards alone.
posted: Aug. 16, 2013 @ 9:07p
I expressed my displeasure with the "contact us" link to start with..
Senior Member - 2K
posted: Aug. 16, 2013 @ 9:09p
vickh said: no notice??
Are you kidding? PenFed never gives notice. Penfed's customer service sucks.
I only reason do business with this ass-backwards credit union is the incredible credit card Cash Back rate. (The loan rates are good, but the same as you can get from many other credit unions.)
Penfed's customer service sucks, so hopefully they don't mess with the (formerly) 5% credit card too much more.
Senior Member - 1K
posted: Aug. 16, 2013 @ 9:32p
This really sucks
posted: Aug. 16, 2013 @ 9:40p
Have to rethink this card. Was good for the WAF. Do the Freedom/Discover/Cit category cards for 5% CB on gas when offered or maybe just the Amex Costco for 3% on gas all the time. Need as much of a one card does all for the SO as they do not like to keep track of which card to use when.
Senior Member - 2K
posted: Aug. 16, 2013 @ 11:03p
mathfaster said: Have to rethink this card. Was good for the WAF.
I have the same issue with WAF and PenFed was my go to card for that. Out of my existing cards I'll have her use Priceline 2% (now dead for new users) for everything other than gas which I will have her use the 5% Sallie Mae (capped at $250 in fuel purchases per month but enough for us). Two cards will probably be ok for WAF. I had already shifted my gas purchases to Sallie Mae because I prefer their statement credit vs PenFed Visa gift cards. I might keep PenFed in the loop for groceries but I am not sure 2.54% is worth it over the 2% from Priceline if I have to wait until I have $500 CB.
posted: Aug. 16, 2013 @ 11:07p
Where's the notice?
posted: Aug. 16, 2013 @ 11:14p
This sucks! Should have cashed out last month....what's the best option now?
wth? I can't find the visacards
Senior Member - 2K
posted: Aug. 16, 2013 @ 11:21p
look4deals said: Where's the notice?
I have not seen one, nor have I seen anybody report one either in this thread or the Bogleheads one.
posted: Aug. 17, 2013 @ 12:28a
I was able to cash out 30,000 points for 3 $100 visa gift cards just a few minutes ago. Got the confirmation email as well. Looks like the new valuation is not in effect yet.
posted: Aug. 17, 2013 @ 12:38a
I have 2 accounts, one for my platinum rewards 5/3/1 - this is not devalued. My account for my 5% airfare is devalued. uncool
posted: Aug. 17, 2013 @ 12:44a
bkann said: I was able to cash out 30,000 points for 3 $100 visa gift cards just a few minutes ago. Got the confirmation email as well. Looks like the new valuation is not in effect yet.In effect here. Just checked. This not only sucks it smacks of unethical but I'm sure there is a clause saying they have the right to change the terms any time they feel like it without notice. Checked last 2 cc statements and nothing is mentioned about rewards changeover. Of course not. Unethical ba.. didn't want people cashing out at the lower rates.
posted: Aug. 17, 2013 @ 1:01a
my penfed platinum rewards account was still able to get cards at the old price (50 gc for 5,000 points)
my penfed premium rewards account, which i have more points in, sadly doesnt even have the option for visa prepaid cards and the other options (Amazon etc) did in fact go up in points. should have cashed out!
posted: Aug. 17, 2013 @ 1:30a
Also did not apply to my Platinum Reward account. Thanks OP for the heads up, I'm sure nerfing the Platinum Reward account is not far in the future. Cash out while you can.
Senior Member - 2K
posted: Aug. 17, 2013 @ 3:00a
I just got a Navy Fed card with 1% rewards up to $10,000 and 1.5% above $10,000 per year. According to my calculations I would do slightly better with it than my current LMCU 3/2/1 card (3% gas, 2% groceries, 1% other).
posted: Aug. 17, 2013 @ 6:13a
bkann said: I was able to cash out 30,000 points for 3 $100 visa gift cards just a few minutes ago. Got the confirmation email as well. Looks like the new valuation is not in effect yet.
That's interesting. I wonder if its still at its old value for certain members, such if you only have $XXX in your checking account or direct deposit, or something similar.
posted: Aug. 17, 2013 @ 6:20a
Okay, now this is really weird. Yesterday, it was showing the higher point totals for the VISA gift cards, but now its back to what it was previously (e.g., 5000 points for a $50 VISA gift card). But the other gift cards are still at the higher price for me (e.g., 5900 points for a Amazon $50 gift card).
posted: Aug. 17, 2013 @ 6:32a
I'm seeing the same thing. For those wishing they had redeemed at 1:1, here's your chance!
Senior Member - 3K
posted: Aug. 17, 2013 @ 7:07a
Skipping 385 Messages...
posted: Aug. 27, 2015 @ 9:42a
I got Staples gc. Not a good deal at face value but since I used those gc for MM deals at Staples I came out ahead.
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