therivler1 said:I have tried a few times to do this, and it has never worked. Did they pull your credit report?What precisely did you try, and did they give a reason why they couldn't? They're usually pretty good about stuff like this.

lherring81 said:Would this credit card be good for someone who has a few credit cards with different companies and high interest rates to consolidate all expenses and lower my monthly payments. Right now I am paying roughly $400-$500 in credit cards, and thats the minimum.

Assuming you aren't going to rack up more debit, yes. 0% cards would be even better.

therivler1 said:
1st time - can't be done
2nd time - said she would put the request in, but it never happened.
3rd time - she started going through assets/salary questions/pull authorization for a CLI. I figured that this was probably the wrong course of action, so I politely declined and hung up.

Maybe the 4th time's a charm.Hope so. Sounds like it may be confusion on a request most CSR's haven't seen as opposed to correct citation of PenFed policy. As much as their customer service is generally good, it is unfortunate that they don't have a way to talk with someone directly in underwriting who (presumably) would process this.

So, this question goes out to anyone using the 2.99% offer...

How are ppl converting this deal to cash? PenFed does not seem to offer BT to checking... I would BT launder to a Citi card, but I dont wan't to risk A/A on a $40k BT to a Citi card with arguably half the limit and ruin my Citi Business credit future opportunities...

Any thoughts? Anyone successfully BT'd to a BoA/Wachovia/Citi debit card?

I apologize for such a newb question, but I can't seem to find any resolution from the "Creative ways of doing BTs..." thread... anyone with actual results here?

is it wise to pay off my mortgage with 2.99% BT rate . I don't save much on mortgage interest deduction and the rate is fixed at 6% .

Is there some sort of calculation that I can do with the 2% (or 2.5%) monthly payment and 2.99% interest rate? I'm kind of a dunce when it comes to interest rates.

I'm trying to move some debt around for my parents. I want to know the maximum that can be borrowed with the monthly payment they can afford.

fokatkamaal said:I was able to transfer it to my DCU checking account.
What did you say for this to happen? They want to mail DCU a check for me.

On a bright note, I finally got a CSR who knew how to do the reallocation - so that headache is done.

Woot! After providing income verification I was approved for a $50k credit limit and just requested a BT to payoff my second mortgage (7.625% fixed). PenFed confirmed a minimum monthly payment of 2%. I figure this should save me roughly $6500 in interest. I give up a tax deduction but still come out way ahead.

Great deal OP. Wish I could have taken advantage of this before my recent AOR, don't think I would be approved though. Maybe next time.

For those wanting to know how to get cash: as one poster mentioned they could transfer to a DCU checking account. Some banks are ok with this some are against it so YMMV, check with them first. The creditors are usually your road-block here but it appears that PenFed creditors don't have a problem transfering to another bank. I have had multiple successes BTing to my Citi card (AT&T Universal) and requesting an online credit balance refund for the positive balance. Be warned this can be a red flag if you transfer more than the limit of your Citi card. Also note that it may take Citi a full month or so for them to cut you a check so be patient.

hoodwink said:Which one is better Visa gold or platinum as both have a 2.99 balance transfer offer for the life of balance?

2 weeks ago, I got both credit cards! The Visa Gold for the 2.99% balance transfer promo, and the Visa Platinum Cash Rewards card as my primary credit card that I'll use from now on. PenFed rocks!