takeshi wrote:If you can pass their underwriting criteria PenFed has chip & PIN cards with no FTF. They're currently not very favorably looked upon for devaluing and changing the terms of their rewards programs but there's one option. You may need a "qualifying product" (refer to their site) to avoid AF depending on the card.
It's true, Penfed has pretty much done away with the non-Visa Sig version of the Platinum Rewards Visa card. That one had 5 points on gas/3 points on groceries and was in a class by itself for those rewards. Then the Sig version was announced earlier this year, it only made it a 5/3/1 card for a limited time (through the end of 2013, reverting afterwards to a 3/2/1 reward system). Those of us who still have the older card are still enjoying 5/3/1 benefits but it's unclear if our cards will be nerfed to the new one in 2014.
I hadn't seen that they devalued the points system (less than 1 cent per point). Not cool.
OK, I had to do the math on this to see how this change was going to affect my cash back amounts with them. The current math is that a point at Penfed is equal to .82 cents. That means that for the 5 points on gas benefit, you're really doing about 4.1% cash back. That's still better than my other cards, but not as nice. For groceries, I'm looking at 2.46% cash back, which is still better than my next in line card (after my Amex BCP benefit is exhausted) the BofA Cash Rewards card at 2.1%.
So I'll still be using this card. But I'll be paying better attention on future changes to the program.