Those of us with the 5% cashback card are being pushed to switch to a different deal. They are going to a point system with 5 points for Gas, 3 for supermarkets and 1 for everything else. (ONLY if you opt for the new deal, you dont have to, but you lose out on the $50-250 worth of points if you do)
The special offer is, 5000 points for your first purchase after your first billing cycle following feb 1.
And another 20,000 points when you spend $1000 within the first 3 months.
It says thats enough for a $250 giftcard or other stuff.
If you dont switch, you stay on the 5% cashback but your other purchases falls to .25%.
Must call or go online to switch. I was told the deadline to signup for the bonus points deal is 1/28.
More details on the points coming in the next few to 6 weeks.
Because you are a valued Visa Platinum Cash cardholder, we invite you to accelerate your rewards with the new PenFed Platinum Rewards card. This new Visa card delivers more ways to earn and use rewards than any other PenFed credit card??_:
per dollar spent on gas purchases
per dollar spent on supermarket purchases
per dollar spent on all other purchases
The points you earn can easily be redeemed online for merchandise, travel, gift cards, or even Visa prepaid cards—which can be used like cash anywhere Visa is accepted. You will receive more information about tracking and redeeming your points once your switch becomes effective in February.
Switching from Cash to Points is Easy
We made it easy for you to switch from the Visa Platinum Cash card to the PenFed Platinum Rewards card. There is no application necessary, your rates will stay the same, and you can continue to use your existing card plastic. Simply fill out the information requested on the side and click the "Submit" button and you will automatically begin earning points with every purchase at the start of your first billing cycle after February 1. Until then, you will continue to earn cash back.
Special, Limited Time Offer
Plus, you can jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months. That's $250 that you can use toward merchandise, gift cards, and other rewards. Or, you can use your points for other easy-to-redeem rewards, such as merchandise, gift cards, or travel.
Pentagon Federal Credit Union (This Penfed webpage is no longer available)