topic Re: How does Penfed code CC transfer to auto loan? in Credit Cards

How does Penfed code CC transfer to auto loan?

trant3 — Wed, 29 Jul 2015 22:05:50 GMT

I have both PenFed CC and auto loan. I'm looking to reach $1500 spending for the $100 credit card credit. I've noticed the transfer option was available to direct "transfer" from CC to auto loan, and of course I'll be paying the CC balance right off, but does anyone know how this will be coded. My gut tells me cash advance? If so, I will not do.

Re: How does Penfed code CC transfer to auto loan?

signaturecardmember — Thu, 30 Jul 2015 00:05:55 GMT

I would be 99% sure even if you had someway to pay your autoloan with a CC they would not do it as it is their own system, just like with most balance transfer offers you can tnot transfer debt from the same issuer under the promotion.

As a side note I recieved a similar offer for my PF card I never use, except mine was for $1k spend for $100.

Re: How does Penfed code CC transfer to auto loan?

Anonymous — Thu, 30 Jul 2015 03:39:41 GMT

Direct from PenFed's main CC page:

"Balance transfers are treated as cash advances so interest accrues from the date the transfer is posted to your account. Balance transfers of other PenFed credit cards, loans, and/or lines of credit are not eligible for this promotion."

Re: How does Penfed code CC transfer to auto loan?

ILBrian — Thu, 30 Jul 2015 04:00:44 GMT

be mindful this would be a cash advance and therefor no rewards apply