Not the sweetest thing around, but it is for the life of the balance.

Link

"You'll get a low 2.99% APR for the life of your transferred balances when you transfer them to your Pentagon Federal Credit Union credit card. Transferring your balances is easy: you can transfer your balance securely online right now by logging on below."
...
"Disclosures
A balance transfer fee of 1% (min. $10–max. $100) applies to this transaction."

Not a bad deal if you've got a high CL. Green for you.

In general, Penfed (when you apply) likes to see low balances. They do verify docs after 10k (for those of you who think credit cards are stated income loans) - based on your income, they have a range of debts you are allowed to have (unsecured) - and if you exceed that, you're not getting a card. I believe I read a datapoint somewhere that 7k income was 14.5k in debt. This is not for the AOR holders.

Also, they do not like to see new accounts..

If you get in, however, they will happily extend you huge credit lines - of up to 50k. I have 30k in cards with them, and I reallocated to take part of this deal. Made my 5% off gas card into a 2k card and made a mega 28k card - it is my highest LOC - and I am going to put my 9.5% second mortgage on there. Get it paid off in 5 years at 3% interest - it'll save about 50k.

I agree with the Horseyman. PenFed has rejected me twice in the past despite 750 credit scores. Score is not enough, they want to see an extremely low debt to income ratio. My debt to limits were at 25% but my debt to income is at 60% and they freaked.

jimmyzshack said:yea they called my wife an egyptian about a year ago.
haha nice, I got the "building pyramids" message as well

If you use their card for gas, I guess you'll have to get a 2nd card like Horseymen, or you'll end up paying regular higher interest rates on your gas purchases.

I only have one card with PenFed so I'm not sure it is worth the hassle of applying for a 2nd card to me.

Correct me if I am wrong but credit cards typically want a monthly payment of 2% of the balance?

I have about 18k in a student loan at a fixed 6.5%, monthly payment of $170. I can live with a 2% of balance monthly payment. The math seems to work out better, any advice would be great!

I'm somewhat fresh out of college and very new to finances (including FWF).

lal43 said:...I'm curious about what type of credit limits people have received for their PENFED credit cards... Obviously it will vary with your income and other factors, but, as a general rule, have people found them to be generous relative to other issuers like Citi, Chase, AMEX?In my A0R of Oct. 2007, I got a $10k line. That's probably the average CL granted on my approved cards in that A0R.

Did you guys get instant approval? Do I have to set up a checking or savings account with them as well?

max210 said:Correct me if I am wrong but credit cards typically want a monthly payment of 2% of the balance?

I have about 18k in a student loan at a fixed 6.5%, monthly payment of $170. I can live with a 2% of balance monthly payment. The math seems to work out better, any advice would be great!

I'm somewhat fresh out of college and very new to finances (including FWF).

I'm not sure who your student loan is with, but if it's with the fed, state, or a specific student loan program you typically get much greater flexability by staying with them.... Many of them will allow you to request a break from payments for 6 months, etc, etc. There are stipulations with all of them, but it's worth looking into what the specifics are with your loan. Depending on your field of work, being fresh out of college may mean you are first on the chopping block in a down economy. Might be worth having that cushion for a few years and sucking up the few extra percentage points. Also, 6.5 seems high for college loans. If you search around you may be able to get down to 5% and still have the benefits of a college loan type program.