PenFed Platinum Rewards devalued

[CH]

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.

 

[calmloki]

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.

 

[gauss]

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

 

[Buckeye]

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.

 

[gauss]

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

 

[Texas Proud]

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....

 

[Sue J]

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.