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internetle said: Got my first bill, interest was charge they day they paid off my loan. There was no grace period.
Did you have any balance at all on the card during the previous cycle? If not, then perhaps they've changed practices since last year, or perhaps it works differently when they cut a check to another lender versus just processing it via ACH (as they did with Ms. DH).

DaveHanson said: internetle said: Got my first bill, interest was charge they day they paid off my loan. There was no grace period.
Did you have any balance at all on the card during the previous cycle? If not, then perhaps they've changed practices since last year, or perhaps it works differently when they cut a check to another lender versus just processing it via ACH (as they did with Ms. DH).


no balance on card when I did the BT.

DaveHanson said: internetle said: Got my first bill, interest was charge they day they paid off my loan. There was no grace period.
Did you have any balance at all on the card during the previous cycle? If not, then perhaps they've changed practices since last year, or perhaps it works differently when they cut a check to another lender versus just processing it via ACH (as they did with Ms. DH).


Dave, straight from the terms of the 2.99% offer:

"Balance transfers are treated as cash advances, therefore finance charges accrue from the date the transfer is posted to your account."

Further the CSR says if you request it Friday, even if it doesn't get issued until Monday, interest starts accruing Friday.

When does this deal end? I'm refinancing my house, but want to wait until that is complete before applying for any new credit.

Anyone tried having USAA match this? I've got an 28K card with them at zero. Would love to transfer my 2nd mortgage @ 9.1% (yeah, yeah, I know.)

The CSR I spoke with didn't say when the offer would end but she did say that once you get the card the BT offer is good until the end of May (and they may extend it).

chuzzlewit said: Dave, straight from the terms of the 2.99% offer:

"Balance transfers are treated as cash advances, therefore finance charges accrue from the date the transfer is posted to your account."

Further the CSR says if you request it Friday, even if it doesn't get issued until Monday, interest starts accruing Friday.
I'm well aware of these terms...and they are identical to the terms offered last time this promotion launched. That's why I was surprised when we were charged no interest on Ms. DH's account for that entire first billing cycle, just the BT fee. But not only was this true in our case, but we also had my card, which was the same in every way except that a balance was carried over from the previous cycle, then paid off. My card came with interest charged, as per the language you quoted.

It's entirely possible that this was just a programming error that they never intended and have since corrected. I don't know. That's why I'm trying to gather data points.

USAA hasn't had a decent balance transfer offer in awhile - they've just jacked up rates. Navy's got 5.9% for life - no BT fees, Penfed has 2.99% - max 100 - and USAA probably will have no balance transfer fees, but your normal 10% interest rate!

I put in an application yesterday and they came back with a measly offer: $5,000 credit line. My stats are:

Credit Score: 750+
Personal Income: $125,000 (verifiable)
Revolving debt: $2,900 on my citi AMEX
Student Loan: $18,500

Other personal lines: $10k-25k
Business lines (not reporting): $40k-90k

so my DTI is 17% with the student loans or 2% without. Anyone else offered such a lowly line and is there anything to remedy it such as speaking with a specific department or requesting a credit line increase?

chuzzlewit said: swanage said: internetle said: it is true that this deal is considered to be a cash advance (2.99%). They did a cash advance into my penfed share account (saving) and wrote a check from there to pay off my loan. This way, they can charge you finance right away without having to wait for the check to clear at the other end.

It scared me at first so I called up CSR to make sure I got the 2.99% deal. She told me that it was a cash advance and my deal was 2.99% for life as stated.

When you wrote above "They......wrote a check from there to pay off my loan.", did you mean you wrote a check, or did they do a, I don't know what to call it, a push transaction to pay off your loan? Also, could you have written yourself a check or had a ACH done to another checking/savings account of yours?


Just put through 2 trial transfers, one pf checking and one to a debit card, will report results when I get them (fingers crossed)


Please share the report results when you have them. Hope you will get on to the great rate.

Does Penfed factor in the balance on a car lease when determining DTI?

DTI does not look at balances, it looks at minimum payment. The DTI calculation will only consider the monthly payment of your lease.

This message now shows up on Important Message on right side when I click on transfer:

Need some extra cash?
Want to take adavantage of your available credit?

Now, you can transfer the available funds from your Pentagon Federal Credit Card to your PenFed Online accounts. You can even have a check sent to your home address, to use for whatever you need!

Your available credit is just a few clicks away:



Click the Transfers link in the primary navigation menu.
Click the Internal Transfer link in the red sub-navigation menu.
Select the Cash Advance radio button
Select your credit card from the Transfer From drop down list.
Select your PenFed Online Share or Checking account from the
Transfer To drop down list.
Enter the dollar amount you wish to transfer.
Click theContinue button and follow the instructions from there.


Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!

chuzzlewit said: Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!
I've talked to a couple CSRs about this but cannot get a consistent response regarding whether such a transaction qualifies for the 2.99% APR BT rate or the normal cash advance rate.

BiomedGeek said: chuzzlewit said: Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!
I've talked to a couple CSRs about this but cannot get a consistent response regarding whether such a transaction qualifies for the 2.99% APR BT rate or the normal cash advance rate.


I think that's probably because they don't have a cash advance rate. It's not list in the T&C and the CSR's certainly don't know what it is. lol

chuzzlewit said: BiomedGeek said: chuzzlewit said: Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!
I've talked to a couple CSRs about this but cannot get a consistent response regarding whether such a transaction qualifies for the 2.99% APR BT rate or the normal cash advance rate.


I think that's probably because they don't have a cash advance rate. It's not list in the T&C and the CSR's certainly don't know what it is. lol

To clarify, I've had CSRs explicitly tell me that a BT to my PFCU regular share account will not be at the standard 13.99 APR.

CSR said: Cash advance transactions are not processed at the promotional 2.99 balance transfer rate. Any cash advances from your VISA Platinum Cash Rewards card will be processed at the regular rate of 13.99%.

Maybe the CSR didn't understand...

On the upside, I did learn about a perk
# Limited Time- 5.00% Cash Back on your first $4000 of airfare purchases per month

*Edit
If I make purchases on my Plat Cash Reward card and pay off the balance without a new statement being issued, can I still do a BT without the purchases accruing interest at the normal 13.99 APR? Just want to make absolutely sure...

BiomedGeek said: chuzzlewit said: BiomedGeek said: chuzzlewit said: Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!
I've talked to a couple CSRs about this but cannot get a consistent response regarding whether such a transaction qualifies for the 2.99% APR BT rate or the normal cash advance rate.


I think that's probably because they don't have a cash advance rate. It's not list in the T&C and the CSR's certainly don't know what it is. lol

To clarify, I've had CSRs explicitly tell me that a BT to my PFCU regular share account will not be at the standard 13.99 APR.

CSR said: Cash advance transactions are not processed at the promotional 2.99 balance transfer rate. Any cash advances from your VISA Platinum Cash Rewards card will be processed at the regular rate of 13.99%.

Maybe the CSR didn't understand...

On the upside, I did learn about a perk
# Limited Time- 5.00% Cash Back on your first $4000 of airfare purchases per month

*Edit
If I make purchases on my Plat Cash Reward card and pay off the balance without a new statement being issued, can I still do a BT without the purchases accruing interest at the normal 13.99 APR? Just want to make absolutely sure...


If not at 13.99%, then which rate applies?

chuzzlewit said: BiomedGeek said: chuzzlewit said: BiomedGeek said: *Edit
If I make purchases on my Plat Cash Reward card and pay off the balance without a new statement being issued, can I still do a BT without the purchases accruing interest at the normal 13.99 APR? Just want to make absolutely sure...


If not at 13.99%, then which rate applies?

I used the card since the last statement period and I want to pay off the account balance before doing a balance transfer. Do I need to wait for the next statement, or can I just pay the account balance now?

My concern is that some companies apply payment to lowest APR balance first regardless of the timing of credits and debits, so if I do not wait for the statement, my early payment could be applied towards the balance transfer. Sorry if this is a silly question. I've heard PenFed is friendly too, but I just want to make sure I don't screw up my first balance transfer.

The CSR i spoke to said it would be a cash advance if you transfer to the share account and withdraw. So i did a balance transfer on another card (citi) for the amount and then paid off the CITI card by balance transfer.

How long should the process take?? On 5/7 they approved me pending employment verification, sent that in. Still pending.....Called, said they were backed up, wait a few days. It's been more than a few days.

Wondering if they might be slowing things down on purpose??

thisoneis4u said: How long should the process take?? On 5/7 they approved me pending employment verification, sent that in. Still pending.....Called, said they were backed up, wait a few days. It's been more than a few days.

Wondering if they might be slowing things down on purpose??


Call and request that an underwriter review the application WHILE YOU WAIT ON HOLD. This is what I did, and it took only a few minutes (assuming your income docs check out). Presumably you need to do this during traditional banker's hours while the loan underwriters are actually there, 9am-5pm eastern. Good luck!

chuzzlewit said: swanage said: internetle said: it is true that this deal is considered to be a cash advance (2.99%). They did a cash advance into my penfed share account (saving) and wrote a check from there to pay off my loan. This way, they can charge you finance right away without having to wait for the check to clear at the other end.

It scared me at first so I called up CSR to make sure I got the 2.99% deal. She told me that it was a cash advance and my deal was 2.99% for life as stated.

When you wrote above "They......wrote a check from there to pay off my loan.", did you mean you wrote a check, or did they do a, I don't know what to call it, a push transaction to pay off your loan? Also, could you have written yourself a check or had a ACH done to another checking/savings account of yours?


Just put through 2 trial transfers, one pf checking and one to a debit card, will report results when I get them (fingers crossed)


Did you ever find out what interest rate you got on these trials? If it was the 2.99, did you just transfer to the penfed checking using their online Cash Advance feature?

chuzzlewit said: This message now shows up on Important Message on right side when I click on transfer:

Need some extra cash?
Want to take adavantage of your available credit?

Now, you can transfer the available funds from your Pentagon Federal Credit Card to your PenFed Online accounts. You can even have a check sent to your home address, to use for whatever you need!

Your available credit is just a few clicks away:



Click the Transfers link in the primary navigation menu.
Click the Internal Transfer link in the red sub-navigation menu.
Select the Cash Advance radio button
Select your credit card from the Transfer From drop down list.
Select your PenFed Online Share or Checking account from the
Transfer To drop down list.
Enter the dollar amount you wish to transfer.
Click theContinue button and follow the instructions from there.


Want a check sent to you? Transfer the funds to your share account, then click the Check Withdrawal link in the red sub-navigation menu. It's as simple as that!



I'm not showing an "Internal Transfer Link" under the Transfer primary menu.

My Red Sublinks are "Transfer money" "Check Withdrawal" "Western Union" "Balance Transfer" "Non-penfed Accounts"


Will the "Transfer Money" link work just as well?? Are you showing both a "Transfer Money" link and "Internal Transfer" Link?? OR have they renamed this link??

Thanks chuzzlewit!

jruser said: chuzzlewit said: swanage said: internetle said: it is true that this deal is considered to be a cash advance (2.99%). They did a cash advance into my penfed share account (saving) and wrote a check from there to pay off my loan. This way, they can charge you finance right away without having to wait for the check to clear at the other end.

It scared me at first so I called up CSR to make sure I got the 2.99% deal. She told me that it was a cash advance and my deal was 2.99% for life as stated.

When you wrote above "They......wrote a check from there to pay off my loan.", did you mean you wrote a check, or did they do a, I don't know what to call it, a push transaction to pay off your loan? Also, could you have written yourself a check or had a ACH done to another checking/savings account of yours?


Just put through 2 trial transfers, one pf checking and one to a debit card, will report results when I get them (fingers crossed)


Did you ever find out what interest rate you got on these trials? If it was the 2.99, did you just transfer to the penfed checking using their online Cash Advance feature?


The transfer to PF checking was processed as a cash advance at the standard rate (12.99 I think), without a fee but obviously not very useful. The transfer to the debit card worked for the small amount, however before I got around to trying a significant amount I got Citi to cap their balance transfer fee at $75

chuzzlewiz,

When you say the debit card worked, it transfered at 2.99?? If so I will give that a shot. I am going to transfer 40K though! Sounds like my bank might freak out.

I gotta figure out how to get this money into my bank account before the end of may. I don't have any large lines with other cards to do the "double hop" on.

Someone please help!

chuzzlewiz,
How did you get Citi to cap their balance transfer fee at $75.

Edit: Wow Mr. wit, you are the FW William Shatner!

swanage said: chuzzlewiz,
How did you get Citi to cap their balance transfer fee at $75.


ME: What's the balance transfer fee?
THEM: 3% with a minimum of $5.
ME: There's no maximum?
THEM: No.
ME: Ok, I'll cancel the card.
THEM: Hold on, let me transfer you...
THEM#2: Hello Mr. Wit, I understand you'd like to do a balance transfer. I can do that for you today for a 3% fee, with a maximum $75.
ME: Ok.

thisoneis4u said: chuzzlewiz,

When you say the debit card worked, it transfered at 2.99?? If so I will give that a shot. I am going to transfer 40K though! Sounds like my bank might freak out.

I gotta figure out how to get this money into my bank account before the end of may. I don't have any large lines with other cards to do the "double hop" on.

Someone please help!


As far as PF is concerned, I don't think they can tell the difference if your visa account is a debit or credit. However, according to some other threads, some debit card operators won't allow a large 'overpayment' this way, so I wouldn't bet on it working. Even if a small trial works, their system may go bonkers with 40G's inbound!

chuzzlewit said: thisoneis4u said: chuzzlewiz,

When you say the debit card worked, it transfered at 2.99?? If so I will give that a shot. I am going to transfer 40K though! Sounds like my bank might freak out.

I gotta figure out how to get this money into my bank account before the end of may. I don't have any large lines with other cards to do the "double hop" on.

Someone please help!


As far as PF is concerned, I don't think they can tell the difference if your visa account is a debit or credit. However, according to some other threads, some debit card operators won't allow a large 'overpayment' this way, so I wouldn't bet on it working. Even if a small trial works, their system may go bonkers with 40G's inbound!



Update to my balance transfer. I put in a request of 38,800K through the balance transfer link on penfeds site to my debit card. I had to manually enter in my banking information. I put the address of my local bank. I called them and they understand that a check for the large amount is on the way through the mail with my debit card information on it. They are telling me it is no problem and there is a note on my account to expect it at my local branch.

Penfed moved the money first into my penfed bank acount, and they mailed the check out today. Penfed confirmed it was at the 2.99% (it's a balance transfer so it should be)

I expect a 10 or 12 day hold on it at my bank but that is it. Sounds like it is going to work i'll confirm if it does.

thisoneis4u said: chuzzlewit said: thisoneis4u said: chuzzlewiz,

When you say the debit card worked, it transfered at 2.99?? If so I will give that a shot. I am going to transfer 40K though! Sounds like my bank might freak out.

I gotta figure out how to get this money into my bank account before the end of may. I don't have any large lines with other cards to do the "double hop" on.

Someone please help!


As far as PF is concerned, I don't think they can tell the difference if your visa account is a debit or credit. However, according to some other threads, some debit card operators won't allow a large 'overpayment' this way, so I wouldn't bet on it working. Even if a small trial works, their system may go bonkers with 40G's inbound!



Update to my balance transfer. I put in a request of 38,800K through the balance transfer link on penfeds site to my debit card. I had to manually enter in my banking information. I put the address of my local bank. I called them and they understand that a check for the large amount is on the way through the mail with my debit card information on it. They are telling me it is no problem and there is a note on my account to expect it at my local branch.

Penfed moved the money first into my penfed bank acount, and they mailed the check out today. Penfed confirmed it was at the 2.99% (it's a balance transfer so it should be)

I expect a 10 or 12 day hold on it at my bank but that is it. Sounds like it is going to work i'll confirm if it does.


Do you mean your debit card number or your checking account #? Having a 'balance transfer' sent to your checking account should always work, as far as I know. Good luck.

BTW I thought you were going to do 40K, did you chicken out?

thisoneis4u,
When PenFed confirmed your BT was at 2.99%, did they know you had done a BT to a debit card? Did you tell them it was to a debit card? This is great news if it works. Thanks for keeping us informed about this.

I read the posts here, however it's not clear if a BT to another bank's HELOC would qualify for 2.99%? TIA

Are there other credit untions which issue cards with higher credit lines alike to Penfed?

americano said: I read the posts here, however it's not clear if a BT to another bank's HELOC would qualify for 2.99%? TIA

the answer is yes.

I used my debit card, and no I never told penfed it was a debit card, but my bank knows a check is coming with a debit card # on it.

I have a Capital One card with no fee 4.99% BT. CapOne would write a check to me - no issues. Would Capital One mind if I keep cycling through it? That is take money from them, pay it off in 2-3 days with BT from PenFed and some other cards I just got from a mini AOR, and ask CapOne for a check, repeat, repeat.

deyab said: I have a Capital One card with no fee 4.99% BT. CapOne would write a check to me - no issues. Would Capital One mind if I keep cycling through it? That is take money from them, pay it off in 2-3 days with BT from PenFed and some other cards I just got from a mini AOR, and ask CapOne for a check, repeat, repeat.

I don't think you need to do that if you have a debit card. Remember you will be paying the fees both on penfed and capt 1 each cycle.

thisoneis4u, I am most concerned about if Capital One would have issues with it or not. BT from is CO is entirely fee free. I would also need to do the transfer from PenFed just once - both have around 25k limit.

I have some experience with AML (Anti Money Laundering) systems banks implement nowadays. They are quite sophisticated, and are programmed to detect "odd" and "unusual" behavior. While in this case it can easily be explained away, I would rather not trip those systems and get into that. Moving money (specially large sums) to a debit card is both odd and unusual for pretty much everyone in FWF. In this context, Odd = something people usually do not do, and Unusual = Something that you normally do not do, over and over again.

This is why I am asking for specific experience with this kind of repeated cycling through a Credit Card, preferably with Capital One itself. CO has been good to us and I would rather not have them close the line on us or something.

OK, well update, the check arrived in the mail today, and my local bank (who I have banked with for years and everyone knows me by name) was more than happy to deposit the check with no Anti money laundering system type questions.

This deal might be ending soon....

I'm still working through getting the card and paperwork to them (self-employed spousse, asked for taxes), got delayed in the mail, and they said that "since time is of the essence if you want to take advantage of the BT offer, scan and email the docs to us." They didn't mention a specific date, but if you are going to jump in, now is the time.



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