Penfed BT Question....

[CreditCuriosity]

I have a 350 balance on my QS card and paying interest on it.. Anyways thought about giving PenFed a bit of love and transferring this balance to my PenFed Promise as it is 0% BT fee and 4.99 APR which is pretty dang good IMO..  Few questions as I have never done a balance transfer and this is meant for PenFed Specifically..   1) How long does it take to transfer the balance my statement cuts on the 24th on Cap1, would they transfer go through prior?  2) It says subject to credit approval which I find funny it would be to a 10k Promise with notta on it atm, would it be a HP or they just say subject to credit approval?  3) Does PenFed frown upon BTs?

I could easily pay off this balance, but always keep one card with a balance for the the whole 1% utilization thing and one card reporting a balance.  

Thanks for PenFed people that will weigh in on this.. More concered on the credit approval verbage whether it would be a HP.  Thanks

[Anonymous]

Capital One moves very fast with BT on their end, CC, often as quickly as two days. I've done it in both directions (ingoing and outgoing) with Capital One and they are quite fast.

Perhaps someone else can address the PenFed end....

Best of luck with your BT.

[CreditCuriosity]

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@Anonymous wrote:

Capital One moves very fast with BT on their end, CC, often as quickly as two days. Perhaps someone else can address the PenFed end....

Best of luck with your BT.

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Thanks ya just want to give penfed a bit of love and pay less interest.. Just concerning the credit approval BS as I have plenty of credit with penfed lol.. Need to know if HP and how long it takes for them to wire them a check or whatever..  Sure someone will pipe in here shortly

[BigBS]

Did a BT with PenFed roughly 5 years for $20k (just over 50% utilization on the card) without issue.  Can't remember if I used a BT check or just did it online (believe it was online though), but 10 business days should be plenty.  As soon as it was paid off I purchased a motorcycle with it and have added another card and motorcycle loan.  Very easy to work with.

[CreditCuriosity]

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@BigBS wrote:

Did a BT with PenFed roughly 5 years for $20k (just over 50% utilization on the card) without issue.  Can't remember if I used a BT check or just did it online (believe it was online though), but 10 business days should be plenty.  As soon as it was paid off I purchased a motorcycle with it and have added another card and motorcycle loan.  Very easy to work with.

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Remember if it was a HP to check?

[Anonymous]

You will be fine.  If you do it this week, Cap One should get their money before statement cuts.  Also, you won't get a hardpull for the BT.

[CreditCuriosity]

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@Anonymous wrote:

You will be fine.  If you do it this week, Cap One should get their money before statement cuts.  Also, you won't get a hardpull for the BT.

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Thanks Yes.. Have you done with with PenFed before?

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

You will be fine.  If you do it this week, Cap One should get their money before statement cuts.  Also, you won't get a hardpull for the BT.

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Thanks Yes.. Have you done with with PenFed before?

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I haven't done it.  But I thought about it when I first got the card and called them with questions. There is no hardpull to BT and you can do it online.  Never took advantage of the BT although I see it all the time. 

The services are one of the best and have become my favorite CU.

[bldmt]

I just did a BT with Penfed, I have Comenity card that I want to close. Took 2 days, no HP went smooth as silk. I did see the credit approval caveat when I was transacting, I think it is a CYA for Penfed.

[BigBS]

Like others have said, no HP for a BT.