Qs about PenFed cc

[Anonymous]

Sorry if this is inappropriate to ask here as it doesn't have to do with credit so much as the ins&outs of this particular credit card.  I recently got a PenFed cc, limit 15k.  I'm happy to be a member and have already refi'd my auto loan with them.  It's taking me a little time to learn the ropes.  So, my questions

• Balance Transfer:  When I applied for the card, I put down that I wanted to BT 10k.  Since I was approved for a 15k limit, can I BT more than that 10k or should I stick to only 10k?

• Next, automatic payments for credit card minimums:       I was very surprised to find out from PenFed that I cannot set up an auto-payment to have my minimum amout due magically sucked out of my checking account at a another financial instititution.  I have always done this just so I know I won't inadvertantly miss a payment.  Too bad they don't offer this as it really gives me peace of mind.  I replied with a follow-up question but have not heard back yet - maybe someone here will know.   I can't have my payment automatically pulled from an account at another institution but can I have it pulled automatically from a PenFed account?

Side note:  also surprised to find that I can't change the PIN on my credit card.  Every other credit card I have (admittedly, not very many, this is a breeze).  With PenFed, it can't be done.

Thanks for the education.

[creditwherecreditisdue]

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@Anonymous wrote:

Sorry if this is inappropriate to ask here as it doesn't have to do with credit so much as the ins&outs of this particular credit card.  I recently got a PenFed cc, limit 15k.  I'm happy to be a member and have already refi'd my auto loan with them.  It's taking me a little time to learn the ropes.  So, my questions

• Balance Transfer:  When I applied for the card, I put down that I wanted to BT 10k.  Since I was approved for a 15k limit, can I BT more than that 10k or should I stick to only 10k?

• Next, automatic payments for credit card minimums:       I was very surprised to find out from PenFed that I cannot set up an auto-payment to have my minimum amout due magically sucked out of my checking account at a another financial instititution.  I have always done this just so I know I won't inadvertantly miss a payment.  Too bad they don't offer this as it really gives me peace of mind.  I replied with a follow-up question but have not heard back yet - maybe someone here will know.   I can't have my payment automatically pulled from an account at another institution but can I have it pulled automatically from a PenFed account?

Side note:  also surprised to find that I can't change the PIN on my credit card.  Every other credit card I have (admittedly, not very many, this is a breeze).  With PenFed, it can't be done.

Thanks for the education.

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1) You can BT any amount right up to your available credit. Whether you should or not is between you, PenFed and FICO.

2) I don't know about the automatic payment thing. I don't pay that way. I put money into my checking account there (deposited through a local FL CU's ATM) and then make a manual transfer to the CC. This works w/o problem.

3) I specified the PIN for my debit card and that is what I requested. They sent me a PIN for my CC and I promptly filed it somewhere and I hope I never find it. Cash advances on CC's are evil, expensive and potentially disasterous. That is the only thing you can do with that PIN number and the CC. You can get a lot more done with their debit card, but you can't get one of those without a checking account and even then it takes them a while to send it to you. They also have a lot of strange restrictions on their accounts during the first year, like limits on incoming ACH transfers, but they go away with time.

You really got a very nice opening CL from them. Did they ask you for any documentation?

[Anonymous]

creditwherecreditisdue wrote:

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1) You can BT any amount right up to your available credit. Whether you should or not is between you, PenFed and FICO.

2) I don't know about the automatic payment thing. I don't pay that way. I put money into my checking account there (deposited through a local FL CU's ATM) and then make a manual transfer to the CC. This works w/o problem.

3) I specified the PIN for my debit card and that is what I requested. They sent me a PIN for my CC and I promptly filed it somewhere and I hope I never find it. Cash advances on CC's are evil, expensive and potentially disasterous. That is the only thing you can do with that PIN number and the CC. You can get a lot more done with their debit card, but you can't get one of those without a checking account and even then it takes them a while to send it to you. They also have a lot of strange restrictions on their accounts during the first year, like limits on incoming ACH transfers, but they go away with time.

You really got a very nice opening CL from them. Did they ask you for any documentation?

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When traveling abroad, I prefer to take 2 ccards rather than any debit cards and and if I need cash, well I need my PIN. Would like to change it from the computer generated one though. 

I hope they get back to me with info about making automatic minimum monthly payments from a Penfed account.  I have done that on USAA + Disc + BofA and it has saved me from ever missing a date.  For me, automated is definitely the way to go!

CWCID, no, they didn't ask for any docs.  I was pretty pleased with the limit and also the car loan rate.  Since you mention checking accounts, another question - will they do another hard pull if I want to open a checking account later?  If so, I'll do it now and get the most bang for my one hard pull.

 

[Lyythine]

yes, they will pull a hard for the checking, but if you do it within thirty days of the pull for the credit card, they will usually use the same report.  Make sure to ask so you dont get hit again if at all possible