topic Re: Penfed cards used like a ploc in Credit Cards

Penfed cards used like a ploc

Anonymous — Fri, 14 May 2021 05:10:29 GMT

Has anyone used their penfed cards like personal lines of credit? I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day... before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

Re: Penfed cards used like a ploc

rostrow416 — Fri, 14 May 2021 12:19:01 GMT

I think that's common with credit union cards. For my Purdue FCU card, I actually have a bank account number (not the cc #) listed online for it.

I've never done it, but under transfers, my savings and credit card account are both listed as eligible to transfer between.

Re: Penfed cards used like a ploc

Anonymous — Fri, 14 May 2021 17:30:32 GMT

Lots of credit unions seem to be pro cash advance. DCU, AOD, and SSFCU give me my full limit available for cash advance and NFCU gives me 30% with 2% higher interest. DCU and NFCU have no fees for cash advances while AOD charges 1% with a $25 cap and SSFCU charges 2% with no cap. DCU and NFCU also make it very easy to use cash advances with direct transfer functionality between your deposit accounts and credit cards.

I haven't really heard much in the way of AA with credit unions period but especially not for responsible usage of cash advances. The interest income from them let the credit union offer lower rates elsewhere and it seems like CU underwriting takes into account those limits. For example AOD, SSFCU, and DCU are known to be more conservative with limits but when you line up my $5700 cash advance limit on my NFCU Platinum next to my $4500 limit on my DCU Platinum, $5K limit on AOD, or $5K limit on SSFCU, they're all much closer to each other. I suspect if NFCU allowed 100% as well, my limit would be closer to what I have with the others.

Banks are weird about it. You have Disco with their cashover feature that encourages the use of small amounts of cash advances (up to $120 per day) at cash registers but most banks make it clear they want nothing to do with them by the insane APR and minuscule limit.

Re: Penfed cards used like a ploc

805orbust — Sat, 15 May 2021 08:40:31 GMT

Oh I love using cc'ds in wacky ways like that. I am all about that. The flexibility and protection from harm it provides alone is worth its weight in Gold imho. Great idea.

Re: Penfed cards used like a ploc

Openwater — Sun, 16 May 2021 02:41:12 GMT

@Anonymous wrote:
Has anyone used their penfed cards like personal lines of credit? I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day... before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

I had no clue, don't really need it, but a great tip to keep in mind. Thanks!

Re: Penfed cards used like a ploc

Anonymous — Sun, 16 May 2021 05:48:02 GMT

Ya I've heard most of them don't mind these but I guess over the years I had to see to believe so to say lol like penfed really really doesn't mind lol it's really nice to know they don't mind them like sometimes I'll transfer to checking pay off all my balances keep the promise only reporting a balance and pay the small 10 bucks tops in interest lol one night bought took 1000s from the casino cage and never batted any eye lol

Re: Penfed cards used like a ploc

Anonymous — Sun, 16 May 2021 05:59:11 GMT

and btw they gave me another credit card a week after pulling 3k from the promise straight to checking from savings lol don't be scared y'all lol if you're on that once a year vacation and can pay it off in 6 months for example just do it lmao

Re: Penfed cards used like a ploc

Anonymous — Sun, 16 May 2021 06:03:27 GMT

That's what I mean Saerenlol penfed promise I've literally taken out over the last 2 years all cash advances literally not a purchase, never an issue, the community doesn't have to fear lol

Re: Penfed cards used like a ploc

AverageJoesCredit — Sun, 16 May 2021 11:24:01 GMT

One reason i love the CU is the ones that allow this dont frown upon it while banks that always flaunt the feature scorn you if you do. Dont highly advertise a cc feature if you dont want people to use it imo.

Re: Penfed cards used like a ploc

SouthJamaica — Mon, 17 May 2021 02:04:40 GMT

@Anonymous wrote:
Has anyone used their penfed cards like personal lines of credit? I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day... before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

My experience with PenFed is that if you transfer from the credit card to a deposit account it's treated as a cash advance, with a very high interest rate.

Whereas, if I do a balance transfer from the PenFed Promise card, it's at a very low interest rate.

Re: Penfed cards used like a ploc

creditfan — Sun, 16 May 2021 23:42:50 GMT

what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want

Re: Penfed cards used like a ploc

ChargedUp — Sun, 16 May 2021 23:49:31 GMT

Chase does have the "My Chase Loan" feature which works off their credit cards. I've never used it, but they are sure to let me know it's an option!

https://www.chase.com/personal/credit-cards/mychaseloan

Re: Penfed cards used like a ploc

Jnbmom — Sun, 16 May 2021 23:50:54 GMT

@creditfan wrote:
what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want

There are quite a few banks that do this. Navy and PSECU come to mind off the top of my head

Re: Penfed cards used like a ploc

K-in-Boston — Sun, 16 May 2021 23:55:53 GMT

@creditfan wrote:
what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want

Bank of America as well for banks (not CUs) that have a direct to checking BT option, and then there are tons of banks that allow it indirectly with convenience checks.

Re: Penfed cards used like a ploc

Anonymous — Mon, 17 May 2021 00:25:51 GMT

@creditfan wrote:
what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want

I've read that it's actually as simple as providing the full checking account number and your bank's deposit mailing address on a BT request form but I've never tried this personally.

Re: Penfed cards used like a ploc

Anonymous — Mon, 17 May 2021 02:00:46 GMT

Has anyone tried this with penfed as far as typing in your checking account number on the balance transfer page? I had thought you could only use a check to do that with them

Re: Penfed cards used like a ploc

SouthJamaica — Mon, 17 May 2021 02:06:41 GMT

@creditfan wrote:
what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want

Many credit unions allow it. Some I can think of are DCU, NFCU, PenFed, and Unify.

Re: Penfed cards used like a ploc

hawkins — Mon, 17 May 2021 02:38:45 GMT

I have never tried it to date but there is a link listed on each one of my 2 cards with PenFed to transfer to checking or savings from those cards. Also PenFed got rid of cash advance fees a couple years or so ago to the person who said it was a CA with high fees.

@Anonymous wrote:
Has anyone tried this with penfed as far as typing in your checking account number on the balance transfer page? I had thought you could only use a check to do that with them

Re: Penfed cards used like a ploc

creditfan — Mon, 17 May 2021 05:04:29 GMT

@SouthJamaica wrote:
@creditfan wrote:
what I gathered from youtube was only 2 banks allow to balance transfer from CC to deposit account. Those are discover and citibank, however I only experienced with discover CC myself. Others you need jumps to hoops to get what you want
Many credit unions allow it. Some I can think of are DCU, NFCU, PenFed, and Unify.

please don't confuse CA and BT. I said it because at one point I was informed by CSR from DCU if you transfer money from CC to checking is considered CA.

I know CA and BT are doing the same thing which direct money from CC to checking. However, the different is the promo for BT usually lower % than CA apr %

Re: Penfed cards used like a ploc

AverageJoesCredit — Mon, 17 May 2021 11:18:08 GMT

Lol im kinda suprised the thread has turned from CA to BT . We all know some banks can DD straight to your checking, my preferred method of BT, but the CA is the main part OP was talikng about.