I got a letter today from PenFed, they are changing their cash rewards credit card. The 5% rewards on gas at the pump stays the same but everything else will drop from 1% to .25%.
Very disappointing, but the rest of the letter explains that we can "accelerate our rewards" by switching the Cash Rewards Card to the new PenFed Platinum Rewards Card -
5 points per dollar on gas
3 points per dollar on supermarkets
1 point per dollar on everything else
Points can be redeemed for stuff or gift cards or VISA prepaid cards.
The PenFed Platinum Rewards Card - Switch to Points Rewards Today!
I called PenFed to ask about what point levels you have to be at to redeem, especially for the gift cards or VISA card, since I'm not interested in redeeming for stuff, only cash equivalents. The gentleman told me that they don't have that info yet, it will be coming later in January, 2012.
Nice incentives for switching, 5000 points with first usage and 20,000 points after spending $1000 in the first 3 months.
I'm sorry to see this change, I liked the cash reward posted to the monthly statement and I don't like the programs that accumulate points. But we do like to use the PenFed card for everything (paid in full monthly) and groceries is our biggest expense so it will be nice to get 3 points on groceries. The points should accumulate quickly, I just hope you can redeem them at $50 or so for the gift card or VISA card.
Very disappointing, but the rest of the letter explains that we can "accelerate our rewards" by switching the Cash Rewards Card to the new PenFed Platinum Rewards Card -
5 points per dollar on gas
3 points per dollar on supermarkets
1 point per dollar on everything else
Points can be redeemed for stuff or gift cards or VISA prepaid cards.
The PenFed Platinum Rewards Card - Switch to Points Rewards Today!
I called PenFed to ask about what point levels you have to be at to redeem, especially for the gift cards or VISA card, since I'm not interested in redeeming for stuff, only cash equivalents. The gentleman told me that they don't have that info yet, it will be coming later in January, 2012.
Nice incentives for switching, 5000 points with first usage and 20,000 points after spending $1000 in the first 3 months.
I'm sorry to see this change, I liked the cash reward posted to the monthly statement and I don't like the programs that accumulate points. But we do like to use the PenFed card for everything (paid in full monthly) and groceries is our biggest expense so it will be nice to get 3 points on groceries. The points should accumulate quickly, I just hope you can redeem them at $50 or so for the gift card or VISA card.
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