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So... for option #4, if my dad was in the Navy - but not a member of penfed, do I qualify? He's no longer my legal guardian, nor do I live with him.

Family Member or Housemate
Immediate family, roommate, legal guardian...

Website?

This thread spurred me to finally enroll with PenFed, looking to refinance my car to 3.99% to save $100 a month and get a $50K CC for 2.99%/life, thanks OP.

If I am not a member of Penfed yet, is it better to open an account first then apply for the card, or do it all at once? Does having an account first make it more likely to get approved or get a higher credit limit?

I'm curious what kinda limits they tend to give... I'm ~75k income, ~690+/- 10 fako score... one CC above 80% utilization if that matters

internetle said: Did a credit limit increase online, go from 10K to 50K no problem at all. Sweet, can't wait for the 2.99% deal.How do you do this? Ive scoured the website and cant find anywhere to request a CLI.

ChemEngGuy said: internetle said: Did a credit limit increase online, go from 10K to 50K no problem at all. Sweet, can't wait for the 2.99% deal.How do you do this? Ive scoured the website and cant find anywhere to request a CLI.

Click the [+] next to your credit card on the main Accounts tab, then a panel will open up. On the right side of the panel is a "Change Credit Limit" text link.

Note that you do have to check a box to agree at the bottom of the form:

"I expressly authorize any person, partnership, credit reporting agency, association, firm, corporation, or personnel office or officer, upon your request, to furnish you a credit report or other information concerning me relevant to the review and evaluation of this application or any subsequent re-evaluation thereof whether it be this application or the resulting loan."

Not sure if that is a soft pull, hard pull, or no pull at all.

So do you just reapply for another credit card, just with a larger limit?//

//Disregard. Saw the answer in a context menu.

Pretty sure it is a hard pull. Plus, when it comes to CLI, they have been somewhat anal - even during the days of easy credit. But it's worth to try, to get a better advantage of this deal. I personally don't mind burning an inquiry, to see if I get a CLI.

Would this be a promotional offer or stay on the card for LIFe of the card, IF i opened an account on April 1st, the date of the promotion ?

Secondly, do i need to be a member of PenFed in order ot have their credit card (by donating to NMFA or is there any other way) or can anyone apply ?

Thanks

psychoslowmatic said: Obama4Prez said: Is there a way to join PenFed if you don't already know a member? (and aren't part of the Gov't)

Go here and check out option #7.


Thanks.

Looks like its a hard pull if you ask for a CLI. This is the reply I got from penfed.

Penfed CS said: If a credit report has not be obtained within the last 30 days, then a hard pull will be required for an increase on your Visa. A credit card application must be submitted to consider your request for an increase.

Xstation said: Is this an April Fool's joke?I imagine OP sitting on the computer...

monitoring this thread...

giggling like a seventh grader who just threw a spit wad at the teacher...

to echo, santijs, can anyone confirm this?

(again ... more giggling from the OP)

I don't understand why people won't just pick up a phone to verify...

Silly internet folks.

Well, add +1 to the list that confirmed (with a rep) that 2.99% for life is coming 4/1.

santijs said:

Also, any reports of who's been able to BT to a debit card with Penfed, and for which bank?


Curious if anyone can comment on this. If so I plan to take advantage of this Penfed offer.

How can you take advantage of this offer to pay off mortgage? Money is money - whether used for home or airline tickets or groceries

I've got some bad news - maybe. We'll put the YMMV up.

I was calling this afternoon to consolidate some of my credit lines to take advantage of this. I have three cards - a 28k card Visa Gold with 22k filled with a 2.9% offer from last time - a 5k Platinum Travel Rewards card and a 2k Platinum Cash Rewards (for gas purchases)

I wanted to take the 6k from the Visa Gold and stick it on the Platinum Travel Rewards card because that would give me 11k to use at 2.9%.

They did confirm it starts tomorrow - but she told me the only card it is eligible on is the Platinum Cash Rewards card.

I will say that this rep was not the smartest cookie in the jar - she had to "ask" someone how to reconsolidate when other reps have just immediately sent off the form. I held off on reconsolidation until tomorrow when T&C hit - but this may be something to consider risk/reward on.

It could make sense for them to do it - because then they eliminate the 5% Cash Back they are paying on people who likely PIF each month and change it to a profitable entry - even if that profitable entry is only 3% profit - it is still profit for them.

I think they've been OK with reallocating however you want. So you could take 6k from visa gold, 4k from the travel card, and put them on a new platinum cash rewards card and do the balance transfer from that. I've got a platinum cash card, and I'm thinking of splitting most of the line to a new one to do the balance transfer. That way I can still get CashBack on gas and I'm not hosed if some bill I forgot about gets autopaid by my card.

psychoslowmatic said: I think they've been OK with reallocating however you want. So you could take 6k from visa gold, 4k from the travel card, and put them on a new platinum cash rewards card and do the balance transfer from that. I've got a platinum cash card, and I'm thinking of splitting most of the line to a new one to do the balance transfer. That way I can still get CashBack on gas and I'm not hosed if some bill I forgot about gets autopaid by my card.


Can you do that without having to reapply? I have a $25K with a $20K 2.9 for life remaining on it; I'd love to split off $5K and use that as my daily spender and get 1.25/5%.

psychoslowmatic said: I think they've been OK with reallocating however you want. So you could take 6k from visa gold, 4k from the travel card, and put them on a new platinum cash rewards card and do the balance transfer from that. I've got a platinum cash card, and I'm thinking of splitting most of the line to a new one to do the balance transfer. That way I can still get CashBack on gas and I'm not hosed if some bill I forgot about gets autopaid by my card.

I don't know if they'll let you do two Platinum Cash Reward Cash Back cards. If she is accurate, and I'm only 50/50 on whether or not she is - you have to pick balance transfer or gas card benefits (or both - and pay 13.9% interest on that 5% Cash Back for the life of the 2.9% balance).

WalStMonky said: 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.


How do they give you the offer? via mail or email or online secure message?

Deal now up on the PenFed site.

Visa Platinum Credit Card Balance Transfer

2.99% APR Balance Transfer!* Save more when you transfer balances from your high rate credit cards. You'll get a low 2.99% APR for the life of your transferred balances when you transfer them to your Visa Platinum Rewards Card offered by Pentagon Federal Credit Union.

A balance transfer fee of 2.5% (min. $10–max. $100) applies to this transaction.


2.99% Offer Link

When I sign on at penfed, the terms and disclosures part still says 5.99 though the rest is 2.99. Do you think its safe to go ahead and do a balance transfer. I usually print the terms so I have them and this time it would not work in my favor.

Does anyone have a ball park as to how long these offers from Penfed usually stretch for?

Nevermind. It looks like it says 5.99 but 2.99 if you have platinum card. I just saw the 5.99 first and did not read the rest. Awesome bt offer.

I was half right - it's only eligible on two of their four or five credit cards. Not eligible on Visa Gold, Visa Classic or Mastercard products - only available on their platinum travel rewards and platinum cash rewards.

Terms said: Payments will be applied to the account balance in the order determined by Pentagon Federal Credit Union in its sole discretion.

Anyone know if payments apply to the BT first? This offer would be flawless if it applies to purchases first so I can keep the Platinum Rewards benefits.

BiomedGeek said: Terms said: Payments will be applied to the account balance in the order determined by Pentagon Federal Credit Union in its sole discretion.

Anyone know if payments apply to the BT first? This offer would be flawless if it applies to purchases first so I can keep the Platinum Rewards benefits.


Ummm, happy April Fools' day? Just glad this offer is for real!

Ahh hell, Fatwallet is playing an April Fools' joke on us.

I know and I just lost an hour of my life over it. I raised spelling bee champions, and then to see my posts being demolished by the moment was terrible. Good job fatwallet.

Btw does anyone know how long it takes to post a bt at penfed. Do it show up immediately or just in reducing the available credit for a couple of days. My statement closes on the 4th, and I would not like to bt to show up until the next statement closes.

PP4,

It will post immediately - I'd wait until the 4th/5th. It won't "show" up for a couple of days, but if they do electronic funds transfer - it will post the same day or next day.

Does anyone know if PenFed will BT to a checking account or a VISA check card?

the deal is for real, anybody doing balance transfer yet.

Yes its definitely up on the website, im doing to take advantage of it.

what the frack is going on, spelling in my post looks scramble. April fool virus.

I currently have an auto loan with Chase. Will putting in my Chase loan account work for a BT? I've only BTed other credit card balances. Pardon me if this is a noob question.

synnyster said: I currently have an auto loan with Chase. Will putting in my Chase loan account work for a BT? I've only BTed other credit card balances. Pardon me if this is a noob question.

I did a car loan BT last time and I just had to call them with the loan payoff info; I tried to do it online initially and it delayed my processing, so save yourself the trouble and just call to do it.

ha... wow.. this is the first time I am ever turned down for a credit card...

I was turned down for the 3.99% car loan, and now I am turned down for their CC.
It just really amazes me, while my own credit union preapprove me for 50k for the car loan, PenFed tell me to f** off.
I took my business to my local credit union and it was done in 20mins.

Now for a CC, I've never applied for a CC and got turn down, wtf is PenFed thinking. I want to give them business, yet it seem like I am just blacklisted on their system..

I got 750+score, 65k+ income, debt ratio is 29% , it is just ridiculous they would do this.. so I called to find out wtf is going on, and was told by a supervisor, because I already have a revolving credit of 10k, so they are not going to give me a CC at all... wow, so I can't get a CC because I carry 10k balance in my other credit card... fanfkingtastic ...God, I just hate PenFed ! *cry*

Yep. Penfed doesn't like debt at all for new customers.



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