My PenFed Power Cash Rewards Visa card has been a good card for me as I qualify for and receive the full 2% reward.
Today received a concerning snail mail from PenFed regarding changes in terms. Front of letter, which they seem to be emphasizing, mentions CA fee being reduced to zero and a change to the late payment fee. Neither of those things is an issue for me. I don’t care.
But when I turned the page over, there on the back found new definitions for “cash-like transactions”. That sort of thing hits several of us in our wheelhouse and any attention given that realm is a concern.
Plan going forward:
Will do a test transaction before putting this card back to work with major charges. Their new language might or might not be a problem. Will have to make a determination following test.
I posted up thread about the Freedom Credit Union card. Absence of the sort of “gotcha” language herein referenced is reason I like the FCU card.