Starting 4/1: Balance Transfer your credit card debt to penfed and it will be 2.99% for the life of the balance.
I was calling to consolidate some debts for a friend and was asking about the 5.99% BT for life they've had on their site forever. The lady I was speaking with was nice enough to tell me about this offer. The rate for the same exact deal will be 2.99% starting on 4/1.
For people in this situation (lots of CC debt) this is a great deal IMHO.
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Still not a PenFed member? Option #7 is best option for those of us with no military connections. For option #7, note that a $20 membership is all it takes for lifetime credit union membership. ("Membership in NMFA does not need to be maintained in order to maintain membership in Pentagon Federal Credit Union.")
andersonc posted the following: [Offer is] only available to Platinum cardholders; however, ... you can convert your existing account to Platinum with a simple form.
If you already have a Pentagon Federal credit card with at least a $5000 credit limit and wish to upgrade to either Visa Gold or Platinum, use these forms:
Upgrade to Platinum with no CL increase: form Upgrade to Platinum with a CL increase: form (use this if you have less than a 5k line)
NOTE: Upgrade may close existing account per Apr 3rd Post
This will be good for any of their credit cards right?
Precept
Member
posted: Mar. 28, 2009 @ 10:46p
This is so tempting with high student loans...I know I shouldn't though.
studiddy
Senior Member
posted: Mar. 29, 2009 @ 3:07a
Precept said:This is so tempting with high student loans...I know I shouldn't though. I'm in the same boat. This could potentially save a ton of money, but losing the ability to stop paying when I go back to school would suck ass. Then again, this would get paid off a lot sooner...
lotusgardener
Broke Member
posted: Mar. 29, 2009 @ 9:27a
studiddy said:Precept said:This is so tempting with high student loans...I know I shouldn't though. I'm in the same boat. This could potentially save a ton of money, but losing the ability to stop paying when I go back to school would suck ass. Then again, this would get paid off a lot sooner...
Just put your non-staffords on the CC. Interest is going to accrue anyways, so you might as well keep paying whether you're in school or not.
Otterley
Member
posted: Mar. 29, 2009 @ 11:03a
lotusgardener said:studiddy said:Precept said:This is so tempting with high student loans...I know I shouldn't though. I'm in the same boat. This could potentially save a ton of money, but losing the ability to stop paying when I go back to school would suck ass. Then again, this would get paid off a lot sooner...
Just put your non-staffords on the CC. Interest is going to accrue anyways, so you might as well keep paying whether you're in school or not.
How can one get a CC number associated with a student loan to make this work?
Precept
Member
posted: Mar. 29, 2009 @ 11:11a
lotusgardener said:studiddy said:Precept said:This is so tempting with high student loans...I know I shouldn't though. I'm in the same boat. This could potentially save a ton of money, but losing the ability to stop paying when I go back to school would suck ass. Then again, this would get paid off a lot sooner...
Just put your non-staffords on the CC. Interest is going to accrue anyways, so you might as well keep paying whether you're in school or not.
Good point...about half my loans are Stafford (6.75%), but this could still yield substantial savings.
I don't see the minimum payment percentage on Penfed's site anywhere. Google search came up with 2%, though that was just listed on discussion sites... does anyone have confirmation on this?
rdsgonzo13
Addicted Member
posted: Mar. 29, 2009 @ 12:19p
I am thinking about doing this with our 2nd Mortgage through PenFed (equity loan) which is at 7.49% and we pay about $485/month. This would definitely save on the interest per year, although, we wouldn't get the tax savings but I think the 2.99% BT would definitely make up more than that, don't you guys think? Wonder if PenFed would allow me to pay off my loan with their CC. I may have to pay it off with another card and then do a balance transfer from that card most likely right?
I think the minimum payment is 2% if I recall, but I'm not 100%.
sethdallob
Senior Member - 1K
posted: Mar. 29, 2009 @ 12:36p
How liberal have they been with credit limits? I have a lot of non-card debt at higher interest rates that I'd move over...
zzzsacguy
New Member
posted: Mar. 29, 2009 @ 1:01p
They are somewhat conservative with their limits but more importantly they require excellent credit and very high FICO scores. The have great rates for the best and most qualified, its their niche sand it is why they can offer lower loan rates.
bbr
Senior Member
posted: Mar. 29, 2009 @ 2:11p
sethdallob said:How liberal have they been with credit limits? I have a lot of non-card debt at higher interest rates that I'd move over...
They are quite conservative with initial credit lines. I had to fax my last 2 years tax returns and a copy of every lease for my rental properties and they gave me $15k (FAKO was 750+). I've read where some other posters state that after 1 year they were bumped up to $50k but I've only had the card for a couple of months so I can't confirm this.
emre1000
Senior Member
posted: Mar. 29, 2009 @ 2:57p
Can one get more than one credit card from them? I've got one, but use it for my gas and any other categories that are not covered at higher CashBack rates.
ProfessorKev
Senior Member - 1K
posted: Mar. 29, 2009 @ 3:27p
I applied 2 years ago, Got 45K credit line. No problem then and still have the 45K credit line. Watch out though, I think if you request, above 10K they might need to have you call in or if you get too close to your CL you have to call in, one of the two.
Have to say, 2.9 is a good deal, especially if you have 45K to play with.
Horseymen
Senior Member
posted: Mar. 29, 2009 @ 3:29p
You can definitely get more than one credit card - and they will reallocate easily. I had 2 7500 dollar cards, and ended up keeping the gas card at 1k (don't ever get more than 1k in gas a month anyways) and making the other card 14k to get ready for this.
If you have ANY debt more than 3% - and you have the funds - you should definitely roll it over to this - pay minimum payments and leverage. You can probably milk 6-7 years out of this. Best deal in banking today. And you know Penfed won't pull a "Chase" on you.
WalStMonky
Happy Member
posted: Mar. 29, 2009 @ 4:05p
bbr said:sethdallob said:How liberal have they been with credit limits? I have a lot of non-card debt at higher interest rates that I'd move over...
They are quite conservative with initial credit lines. I had to fax my last 2 years tax returns and a copy of every lease for my rental properties and they gave me $15k (FAKO was 750+). I've read where some other posters state that after 1 year they were bumped up to $50k but I've only had the card for a couple of months so I can't confirm this.
Out of the blue they offered me 50k on a pre-approved line. That was earlier this year, so it's fresh data. myFICO is 682, my DTI is through the roof right now, they required no tax returns, just asked if I had any change in employment or income. I filled out like a 3 line application and was approved. Now my wife doesn't get the offer. Her Fico is pushing 750, all the debt is stacked onto my credit report, she has a very good balance sheet compared to mine. They're still offering to lend me another 50k for a car loan. I'm not going to bite on that one. I can get 10 perfectly usable cars for 50k, and I don't do liens against depreciating assets as a personal rule of dumb.
I wonder if they're going to let me pay off the 6% and take another at 3%. I'll certainly have my eyes open this week.
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