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Old 08-17-2013, 12:23 PM   #21
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Originally Posted by calmloki View Post
Bummer:
$50 Visa Prepaid Card = 6100 points
$100 Visa Prepaid Card = 12000 points
$250 Visa Prepaid Card = 29600 points

After the end of the year it's no longer 5 points on gas, 3 on food, and 1 point elsewhere, but 3/2/1.
My account is the same as always for Visa Prepaid, but all the gift cards are more expensive. I tried to confirm what you said about point earnings rate changing at year end. I called PenFed and they said mine were changed some time ago. After I got off the phone, I went to my account, and I am still earning 5/3/1, so either we were not communicating well, or she does not know what she is talking about.

I was wondering how you found out changes happen at year end? Also, I am wondering if all accounts are being treated the same, since your Visa Prepaid rate is different than mine. I have no other significant business at PenFed, but I do charge one hell of a lot of stuff.
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Old 08-17-2013, 02:37 PM   #22
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I suspect it has to do with other products one has there. Such as direct deposits, CD's, mortgage etc.
Two modest mortgages and $85k more than the mortgages in CDs there earning more than the mortgage interest we are paying. Maybe PenFed figures I'm doing too well from them already?
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Old 08-17-2013, 03:42 PM   #23
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Originally Posted by CJHorne View Post
...
I was wondering how you found out changes happen at year end? Also, I am wondering if all accounts are being treated the same, since your Visa Prepaid rate is different than mine. I have no other significant business at PenFed, but I do charge one hell of a lot of stuff.



https://www.penfed.org/visasignaturepoints/

Screen shot:
Key Features



This is a card I've held through several versions since 1/26/2007. Last couple years I've spent under a thousand each year on the card, the two prior years were over $3k/month. (seduced by the Chase Saphire & Ink, Barclays and Citi bonus promotions) I do see that the Visa prepaid cards are at the old redemption rates, just gift cards sold for higher. Since I'm not running much through the account I didn't even look at the 5,000 point minimum prepaid Visa cards
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Old 08-17-2013, 03:49 PM   #24
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Originally Posted by calmloki View Post
Two modest mortgages and $85k more than the mortgages in CDs there earning more than the mortgage interest we are paying. Maybe PenFed figures I'm doing too well from them already?
I have the same thing with Penfed a 50K 6 year auto loan at 1.74% and just under 100K worth of CDs at rates between 3.5% to 5%, not entirely sure how they stay in business
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Old 08-17-2013, 04:31 PM   #25
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Originally Posted by calmloki View Post
https://www.penfed.org/visasignaturepoints/

Screen shot:
Key Features



This is a card I've held through several versions since 1/26/2007. Last couple years I've spent under a thousand each year on the card, the two prior years were over $3k/month. (seduced by the Chase Saphire & Ink, Barclays and Citi bonus promotions) I do see that the Visa prepaid cards are at the old redemption rates, just gift cards sold for higher. Since I'm not running much through the account I didn't even look at the 5,000 point minimum prepaid Visa cards
I would not interpret that link as applying to existing cardholders. I interpret the link as applying to future cardholders that apply under these terms.
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Old 08-26-2013, 08:30 PM   #26
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Thanks for bringing this up while the Visa Rewards cards are still available at par value.

Just cashed in 75000 points for $750 of Visa Rewards cards. Usually I order restaurant and retail store gift cards which now cost 18% more.

Also, applied for the Sallie Mae card online. Surprised I was not immediately accepted online. My credit rating is very good.
Update!

Received $750 of the Visa Rewards cards at par value. Note they have to be used up within 1 year and if you go 3 months without using, they charge you $3.00! Looked at the PenFed rewards site today and noted that they raised the price of the cards about 18% or so! Got them just in time thanks to this thread.

Received the Sallie Mae Mastercard today.

Found what appears to be a fraudulent charge on my PenFed card. It is from Bed, Bath & Beyond for over $200 - not a regular mall store, but one that does phone and online transactions only. PenFed blocked my card number and is sending paperwork to get a replacement card and to contest the transaction, but were unable to provide much help with other info, such as what was purchased or an order number. The store is trying to search through their records, but without an order number, it is taking a long time. We'll see where that goes.
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Old 08-26-2013, 09:14 PM   #27
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Update!

Received $750 of the Visa Rewards cards at par value. Note they have to be used up within 1 year and if you go 3 months without using, they charge you $3.00! Looked at the PenFed rewards site today and noted that they raised the price of the cards about 18% or so! Got them just in time thanks to this thread.

Received the Sallie Mae Mastercard today.

Found what appears to be a fraudulent charge on my PenFed card. It is from Bed, Bath & Beyond for over $200 - not a regular mall store, but one that does phone and online transactions only. PenFed blocked my card number and is sending paperwork to get a replacement card and to contest the transaction, but were unable to provide much help with other info, such as what was purchased or an order number. The store is trying to search through their records, but without an order number, it is taking a long time. We'll see where that goes.
Glad it worked out for you - I've read that a PenFed visa satisfaction vendor jumped the gun back when I managed to cash out at the less satisfactory rate. Hope others bailed out at the superior rate.
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Old 08-27-2013, 09:06 AM   #28
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Glad it worked out for you - I've read that a PenFed visa satisfaction vendor jumped the gun back when I managed to cash out at the less satisfactory rate. Hope others bailed out at the superior rate.

I know that devaluing my points increases my satisfaction with Visa.
/sarcasam off/

Thanks again for the heads up. I received my $700 in gift cards at par over the weekend. This thread really helped me dodge a bullet.

Has anyone had an experience in cashing them in for cash recently?
I was planning to go to a bank and try to get an over the counter cash advance for the balance. I think this has worked in the past. I did notice there seems to be an option on the flyer to setup a PIN. I am not sure if the PIN would work at an ATM however (and more than likely I would have to pay an ATM fee, which would not be the case with the in bank over-the-counter cash advance).

-gauss
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Old 08-27-2013, 09:15 AM   #29
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I know that devaluing my points increases my satisfaction with Visa.
/sarcasam off/

Thanks again for the heads up. I received my $700 in gift cards at par over the weekend. This thread really helped me dodge a bullet.

Has anyone had an experience in cashing them in for cash recently?
I was planning to go to a bank and try to get an over the counter cash advance for the balance. I think this has worked in the past. I did notice there seems to be an option on the flyer to setup a PIN. I am not sure if the PIN would work at an ATM however (and more than likely I would have to pay an ATM fee, which would not be the case with the in bank over-the-counter cash advance).

-gauss
As far as I've read, can't get cash.
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Old 08-27-2013, 09:36 AM   #30
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As far as I've read, can't get cash.
Thanks Buckeye,

Confirmed when I tried to get the over the counter cash advance inside the bank, I was informed that it was not permitted after the teller ran the card.

-gauss
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Old 08-27-2013, 09:45 AM   #31
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I recommend taking a look at the Sallie Mae credit card that Barclay offers. 5% back on gas, groceries, and bookstore purchases (which includes almost everything at Amazon, not just books!).

I see a couple of Gift Cards at the PenFed redemption site that look like they're on sale. I may get my account up to 4800 points and take 2 of the Jiffy Lube $25 cards. Then the PenFed card will go into storage.

WOW!!! Thanks for the heads up.... I will see if I can get one....


Edit.... looked at the fine print.... the rewards are limited... not as good as I had thought... but still might get one....
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Old 08-27-2013, 09:49 AM   #32
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I had read that you can't use the VISA cards for cash. For me the next best thing is using them online as a partial payment of my monthly utility bill. I pay the balance of my bill like I normally do and the amount of the gift card goes to my savings account.
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