Keeping an eye on the best credit card offers
Recently, PenFed made a number of changes to its rewards program. The most immediately noticeable one is that the old standalone rewards site has gone away. Members no longer need a separate username and password, as they can access all rewards information, including current points balance, from their PenFed.org account. Members can also browse and redeem rewards without leaving PenFed’s website.
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In what seems to be a trend, Pentagon Federal and Citi both recently announced changes to a few of their rewards programs that represent a downgrade. PenFed followed up its recent downgrade of its PenFed Platinum Rewards card by announcing more changes to its cash back Platinum Visa Card Rewards card.
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Whenever a credit card issuer switches a rewards program from giving cash back to a points-based system, it’s usually a sign that the program is going to get worse eventually. That’s because there are more ways to save the issuer money by making your points worth less, without making it completely obvious to the consumer. So, back in December 2011 when PenFed announced a points-based rewards card and simultaneously encouraged consumers to switch to it, the writing was on the wall.
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PenFed has recently been sending out notices in the mail to many existing cardholders of the Penfed Platinum Rewards Visa card that they will soon be automatically upgraded to a Visa Signature card, touting such benefits as complimentary concierge service and other perks.
The new Visa Signature benefits do appear, however, to come at a cost–while the current Platinum Rewards Visa earns 5 points per dollar spent on gas, 3 points per dollar at the supermarket and 1 point per dollar on everything else, the Visa Signature card would only continue earning those rewards through 10/31/31. Afterwards, the Visa Signature card would only earn 3 points per dollar on gas, 2 points per dollar at supermarkets and 1 points per dollar on all other purchases.
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The brand new PenFed Defender American Express Card presents an excellent value in a simple package, offering 1.5% cash back on every purchase with absolutely no fees and no penalty APR. There are no tiers, caps or limits to the amount of cash cardholders can earn and cash back is credited automatically as a statement credit to the account each month. There is one catch, however: you (or your co-applicant) must be in or retired from military service, the Reserves, or the National Guard to qualify.
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In what may be a targeted offer, Pentagon Federal is offering a one-time $10 statement credit for each automatic bill payment you set up with your PenFed Visa now through June 30, 2012, up to a limit of 3 payments.
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Sometimes the credit card gods give and sometimes they take away. PenFed recently decided to do a little of both to its Platinum Visa card. Continuing a trend that it started a few years ago, PenFed has announced that it will decrease the rewards on its Platinum Visa Cash Rewards card. While gas purchases will continue to earn 5% cash back, all other purchases will only earn a 0.25% cash rebate, down from its current 1%. This change is effective February 1, 2012. At the same time, the regular purchase APR will be reduced from its current 13.99% to 9.99%.
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In what seems to be a growing industry trend, Pentagon Federal Credit Union announced yesterday that it was eliminating foreign transaction fees from all of its credit cards. This move comes on the heels of the news that Discover is also set to drop its foreign transaction fees.
Previously, the only cards from PenFed that did not charge such a fee were The PenFed Premium Travel Rewards American Express Card and the PenFed Promise Card. Now, the fee has been eliminated for all of PenFed’s cards, including the excellent Platinum Cash Rewards Card, its Visa Gold and Visa Classic and MasterCard programs.
Removal of the foreign currency transaction fee is effective immediately for both new and existing cardholders.
Through August 31, 2011, PenFed is running a promotion where you’ll receive 5x points on all hotel and dining purchases with your PenFed Premium Travel Rewards Amex. That’s in addition to the 5x points that you normally receive on airfare purchases.
Through June 30, 2011, you can also transfer balances fee-free at 4.99% for the life of the balance.
Read a more detailed review of the card here.
Due to the success of the 4.99% balance transfer for life promo on the PenFed Promise card, PenFed has extended this offer to all of its credit cards for a limited time.
Balance transfers made between April 1, 2011 and June 30, 2011 on eligible PenFed credit cards, including the PenFed Premium Travel Rewards American Express Card and the Platinum Cashback Rewards card, will qualify for a 4.99% APR for the life of the balance transfer with all balance transfer fees waived. Balance transfers from other PenFed credit cards, loans and/or lines of credit are not eligible for this promotion.