not a deal i get like 5 of these a week from my banks. was 4.9 then 3.9 now 2.9; now thats about what alot of high end financiers for auto's get 2.9% right now but to me thats just not a great deal. soon it will be 1.9 or 0.9 then prime - 0.9

keep waiting.

Thanks OP - I knew this would happen sooner or later.

I'm going to pay off my car loan - drop from 7.9% to 2.9% will be great. I thought about doing it when the rate was 5.9% but the difference was fairly small, but I'll save several thousand over the life of the loan now.

I love PenFed.

rigor said:not a deal i get like 5 of these a week from my banks. was 4.9 then 3.9 now 2.9; now thats about what alot of high end financiers for auto's get 2.9% right now but to me thats just not a great deal. soon it will be 1.9 or 0.9 then prime - 0.9

keep waiting.

I would be surprised if you get 5 2.9% BT FOR LIFE deals a week (given that no one else does), but if you do, congrats.

Secondly, you're not assured to get anything lower than 2.9% going forward. BOE held rates unchanged today, so it may be possible that we're near the bottom of the rate dropping for the time being. I'm not saying that rates won't drop further, but I wouldn't count on it explicitly.

susarlas said:How to join ? Can any FW memebers can refer?

No referral needed. How to Join

jatan1986 said:Chase is also offering 2.99% for life - my parents got the offer on couple of their cards with $199 max BT fee and I got one with $75 max fee and another one with $199 max feeChase Sony to be specific - in my experience. $75 max fee.

Anyone have experience with trying to do a reallocation prior to using one of these checks? I'm thinking of pulling out all the stops and paying off some (non-tax deductible) student loans with this.

Just don;t get burned on the NO MAX FEE for transfers. 10 minimum but no MAX listed. I had a friend that got stuck with a 480 dollar fee. Ridiculous.

nilaychampion said:I just got approved for refinance of my New Car Loan at 4.25%. I have credit score greater than 770 . CSR told me that i have been approved for upto $20000 balance trasfer at 2.99%.

As, i am new to all this financial transaction, i have question. When we do balance transfer with penfed do they deposit amount in our checking/saving account? If that's the case can i use that money to payoff my car loan rather than actual car loan from penfed? that way my car loan would be 2.99% rather than 4.25%?

is there any -ve side to this transaction, if this transaction is possible?

Thanks for your help.

Do you mean you have a new car loan with Penfed at 4.25% and want to pay that off with your 2.99% Penfed card BT? If they do let you BT to a checking account and you turn around and pay their auto loan off, I'd be that would raise some flags. Who knows. If it works, let us know, I also have a 4.99% car loan with Penfed...

Horseymen said: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.

I had a different experience with PenFed. I decided to get a card when I got my CD last Sep since they use the same pull. Had over a $100k in AOR debt and got instantly approved for $40k. Never really use the card so found it strange when I got a call last month telling me they upped my limit to $50k. If chase stops my 5% EDP I would make this card my primary one, They seem like a great CU

I had to verify my 6 figure income when I join through that MOMA offer, I applied for the cash rewards card and a 20k limit with a 755 Equifax score.
I love them all the reps are based in the USA and are very helpful. Their online services take 24hrs to update but so what at least I get to speak to real people when I call and not a software system or someone reading from a script in a far off land, that can't think outside of the box because god forbid if they veer from that script they will get beaten with a stick and go back to their village in shame. LOL! I also love banking with USAA

mrfinagle said:ok help me on this: do you need to be military or affiliated to get this or not? the OP didn't say but the link has eligibility based on military affiliation.

No. How to join See #6.