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Penfed - 2.99% BT for the life of your balance - starting 4/1

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4/3/09 11:27 AM
Any one BT'ed to checking a/c ? Any luck ?
4/3/09 11:55 AM
andersonc said:

Just called Penfed for more information on this offer. Yes, it's only available to Platinum cardholders; however, I was told 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:

Head over here and look for the Credit Card Upgrade forms text. Download the appropriate form and fax or mail it back to them.

Note: Be sure to click either of the Visa Platinum Rewards links to pull down the pdf. One is for upgrading to Platinum while keeping your current CL, the other is for upgrading to Platinum and also increasing your CL.

Not sure how long it will take to process, but if the offer of 2.99% for life lasts through the end of May, those currently without a Platinum card might still be able to get this rate.

UPDATE: putting in the forms for you to snag:

Upgrade to Platinum with no CL increase: form

Upgrade to Platinum with a CL increase: form

Anyone who's done this yet know if they do a hard pull? I'm at the tail end of an AOR, with my Penfed Gold being opened less than a year ago, so according to the rep, being under a year qualifies as utilizing the "upgrade" form. However, I was denied the 3.9% auto loan last month, due to DTI ratio from the AOR and don't want to take the chance of losing Penfed cc entirely if they think I'm desperate.
ps. you should also note that if you use the "upgrade" function, it will close your existing account.
4/3/09 12:46 PM
Archrival said:

Anybody having an issue with joining the $20 NMFA Membership?

I thought it would have been an easy process!

Just call PenFed, they'll do it for you as part of the application process. They did for me.

I was told yesterday that I'd have to check back on whether I was approved. I logged onto the website today and there's the Platinum credit card with the credit limit I requested.

Now to move my 2nd mortgage with the BT offer...
4/3/09 2:26 PM
Archrival said:

Anybody having an issue with joining the $20 NMFA Membership?

I thought it would have been an easy process!

Yep! You gotta select all fields on the app form. I think I used "civilian" and "self employed". They don't give you an option for civilian type jobs in the drop-down menu. I did mangage to get through it and receive membership but had to re-submit the form 3-4 times until it would take it.
4/3/09 7:32 PM
Has anybody do a BT yet, how long does it takes to fun the BT.
4/3/09 11:30 PM
I just joined penfed and I would like to apply for a platinum rewards, my fico is 690 and I have about 45% utilization, does it increase my chances of getting approved if I request a small credit line like 2000$ or 3000$ ?
4/4/09 4:33 PM
I applied for the platinum rewards with $20K limit. The application is still in pending status with comment "ADDITIONAL INCOME TO CONSIDER". Seems clear enough, I e-mailed them and explained I would be happy with $15K to transfer a Chase balance. Fingers crossed.
4/5/09 12:06 PM
Maybe I'm not seeing something right here, but why would you pay $20 to join when you can join by being a Red Cross volunteer for free (wink wink)?

Also, has anyone confirmed you can do BT to second mortgage. I'm at 6.875% with 11 years left so the tax savings does not outweigh interest paid.
4/5/09 12:25 PM
g00ber said:

I currently have Penfed Equity Loan at 7% with 10k left to pay. If I apply for this card (assuming only 100$ fee because that is max), will they let me transfer the 10k to the card with no problem?

Or is this strictly from CC to CC transfer?


You'll have to transfer it to another card first and then BT to the Penfed card.
4/6/09 3:15 PM
Opinions please. Current scores on an average of 725 across all three CB's (used to be 790+ before AOR), no other debt besides mortgage. I would like to take advantage of this offer but do not want to spare/waste an inquiry just to be maybe denied. I'm a current member, no CC with them yet; is my situation good enough to be granted this offer? Thanks for the opinions.
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