topic Re: Pen-Fed Balance Transfers Question in Credit Cards

Pen-Fed Balance Transfers Question

mmmagique — Mon, 02 Nov 2020 15:47:08 GMT

I have never done a balance transfer before but Pen Fed offered me zero percent interest for one year. When I go to the page that says balance transfer it asks me for the account number and the amount to transfer. Is the account number the credit card number?

How does this work?
(Sorry, I am easily confused. I thought they would ask for the name of the account such as Synchrony Bank Amazon and then the account number)

Thanks in advance!

Re: Pen-Fed Balance Transfers Question

chiefone4u — Mon, 02 Nov 2020 16:31:32 GMT

@mmmagique wrote:
I have never done a balance transfer before but Pen Fed offered me zero percent interest for one year. When I go to the page that says balance transfer it asks me for the account number and the amount to transfer. Is the account number the credit card number?
How does this work?
(Sorry, I am easily confused. I thought they would ask for the name of the account such as Synchrony Bank Amazon and then the account number)
Thanks in advance!

Yes, they want credit card number.

Penfed will check that number against a database, if the number doesn't match a creditor they have on file they will ask for name and address on statement.

Re: Pen-Fed Balance Transfers Question

Loquat — Mon, 02 Nov 2020 17:02:40 GMT

Yep. Just enter your credit card number and PenFed will populate the info needed to send the payment. If for some reason your lender isn’t in there then you’ll have to enter information from your statement.

PenFed is really quick with processing BTs. I will say though that is it prompts you to enter the address of your lender it typically means it’ll be snail mail which obviously takes more time.

Re: Pen-Fed Balance Transfers Question

mmmagique — Mon, 02 Nov 2020 18:26:46 GMT

Thanks! That was all very helpful! I appreciate it! (even though I am getting blocked for giving Kudos for some reason. Consider yourselves Kudoed!)