An Open Letter to Pentagon Federal Credit Union

Dear Pentagon Federal Credit Union,

For years, I have been a big fan. I love many things about you, particularly your wonderful customer service representatives. However, since I joined back in 2008ish, some things have started deteriorating, and I'd just like to let you know that I miss them. * I miss when in December you used to offer really great CD rates for a short time. It was like getting presents under the Christmas tree, only it kept paying me month after month. I really miss those. * I really miss that my PenFed VISA Platinum Gas / Cash Rewards Card used to have no foreign transaction fees.

Then you sent this: "Effective November 30, 2009, Pentagon Federal is increasing the foreign transaction fee to 2% of the U.S. dollar amount of the transaction whether originally made in U.S. dollars or converted from a foreign currency." A sad day that was. * I also miss the 1.25% I used to get cashback on all non-gas and non-grocery purchases on the Pentagon Federal Credit Union Platinum Rewards VISA. You switched it to just 1% at the beginning of 2010, and it had an impact. No longer were you my card of choice. That extra 1/4 percent was really important. Dropping it to 1% made you seem like most everyone else out there. *

And then this month you sliced the grocery reward 50% from 2% cashback to 1% cashback on the same card. Sad, sad, sad. * Finally, the extra rewards that you offered on certain categories last year seem to be gone. When I called and asked why, you just said you weren't feeling the need to do any promotions right now. So, now I've gone from a lover of your CD's and frequent user of your card for all manner of purchases to a disgruntled customer who only pulls out your card at the gas station since the Pentagon Federal Credit Union Platinum Rewards VISA still offers 5% back on those purchases. But, at this rate how long will that last? Then, how long before I just throw it in the drawer with all the other also-ran cards out there? I miss you old Pentagon Federal Credit Union!

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