topic Re: PenFed Balance Transfers: How long Will It Take? in Credit Cards

PenFed Balance Transfers: How long Will It Take?

Borealis — Thu, 24 Feb 2022 07:06:57 GMT

I am new to both PenFed and Balance Transfers. I just got my new Gold card in the mail and decided to try out a modest but not insignificant BT from Disco. The email I received about my "request" said it could take up to 30 days. Is this accurate, does it really take that long?

Re: PenFed Balance Transfers: How long Will It Take?

gingerflower — Thu, 24 Feb 2022 07:12:50 GMT

@Borealis

I recently did a balance transfer with Penfed and although it does say it could take 30 days...My transfer was done in 5 days..

Re: PenFed Balance Transfers: How long Will It Take?

Borealis — Thu, 24 Feb 2022 07:41:26 GMT

@gingerflower Thank you so much!

Re: PenFed Balance Transfers: How long Will It Take?

AMJ50 — Thu, 24 Feb 2022 10:49:41 GMT

Mine took a couple of weeks

Re: PenFed Balance Transfers: How long Will It Take?

OmarGB9 — Thu, 24 Feb 2022 12:11:50 GMT

Mine took I believe about 7 business days.

Re: PenFed Balance Transfers: How long Will It Take?

Brian_Earl_Spilner — Thu, 24 Feb 2022 12:46:50 GMT

For BTs it depends on the lender. Usually it's an ACH transfer so it takes less than a week, but if someone still sends a paper check, it can take longer.

Re: PenFed Balance Transfers: How long Will It Take?

SouthJamaica — Thu, 24 Feb 2022 13:12:28 GMT

@Borealis wrote:
I am new to both PenFed and Balance Transfers. I just got my new Gold card in the mail and decided to try out a modest but not insignificant BT from Disco. The email I received about my "request" said it could take up to 30 days. Is this accurate, does it really take that long?

No, PenFed is pretty fast. With Discover on the other end, I predict it will be a week or even less.

Re: PenFed Balance Transfers: How long Will It Take?

SUPERSQUID — Thu, 24 Feb 2022 16:06:57 GMT

@Borealis wrote:
I am new to both PenFed and Balance Transfers. I just got my new Gold card in the mail and decided to try out a modest but not insignificant BT from Disco. The email I received about my "request" said it could take up to 30 days. Is this accurate, does it really take that long?

I just did 3 balance transfers tuesday to penfed pcr. two for about 500 each high interest, i made the transfer on tuesday and by wednesday afternoon it was complete on those 2 cards. the 3rd card i transferred wasnt on their list of banks and it was for 1300, its still pending.

When you do a bt to penfed its a pain in the rear if the other bank is not in their list. you have to page through a list of banks about 6 at a time 40 pages long. if your bank is not in the list then at the last page it gives the option to enter the info.

I got a bt offer from penfed zero pct for 12 mos, 3 pct fee. a no brainer when the 3 cards had int rates from 27-30 pct

Re: PenFed Balance Transfers: How long Will It Take?

gingerflower — Thu, 24 Feb 2022 17:55:34 GMT

@Borealis

You are welcome!

Re: PenFed Balance Transfers: How long Will It Take?

gingerflower — Thu, 24 Feb 2022 17:57:10 GMT

@AMJ50

It depends whether the payment transfer is Electronic or a check.

Re: PenFed Balance Transfers: How long Will It Take?

CashOutReFi — Thu, 24 Feb 2022 18:57:23 GMT

A little piece of info if you are about to use most or all of your credit line:

PenFed does not require you to account for any BT fees when using their checks. If you have a $5000 limit and you want to use $5000, you write your check for $5000, you don't have to walk back the amount by the $35 fee and write $4965.

Re: PenFed Balance Transfers: How long Will It Take?

Borealis — Thu, 24 Feb 2022 22:27:53 GMT

@CashOutReFi wrote:
A little piece of info if you are about to use most or all of your credit line:

PenFed does not require you to account for any BT fees when using their checks. If you have a $5000 limit and you want to use $5000, you write your check for $5000, you don't have to walk back the amount by the $35 fee and write $4965.

Thanks for the tip! I'm doing this one kind of as a test run so it's not a super huge amount but I had definitely wondered about that.

Re: PenFed Balance Transfers: How long Will It Take?

SouthJamaica — Fri, 25 Feb 2022 04:11:39 GMT

@SUPERSQUID wrote:
@Borealis wrote:
I am new to both PenFed and Balance Transfers. I just got my new Gold card in the mail and decided to try out a modest but not insignificant BT from Disco. The email I received about my "request" said it could take up to 30 days. Is this accurate, does it really take that long?
I just did 3 balance transfers tuesday to penfed pcr. two for about 500 each high interest, i made the transfer on tuesday and by wednesday afternoon it was complete on those 2 cards. the 3rd card i transferred wasnt on their list of banks and it was for 1300, its still pending.
When you do a bt to penfed its a pain in the rear if the other bank is not in their list. you have to page through a list of banks about 6 at a time 40 pages long. if your bank is not in the list then at the last page it gives the option to enter the info.
I got a bt offer from penfed zero pct for 12 mos, 3 pct fee. a no brainer when the 3 cards had int rates from 27-30 pct

Isn't that crazy @SUPERSQUID ? I can't get over how poorly it's designed.

It's actually 5 items on a page, so you have to click through 40 pages.

And they give you no option to skip ahead, forcing you to click every single page.

And I have never once found the institution I was looking to pay on that list. It seems like half of those 200 names are obsolete, and that many of them aren't even financial institutions. Why doesn't someone at PenFed do something about it?

Re: PenFed Balance Transfers: How long Will It Take?

SUPERSQUID — Thu, 24 Feb 2022 23:27:24 GMT

@SouthJamaica wrote:
@SUPERSQUID wrote:
@Borealis wrote:
I am new to both PenFed and Balance Transfers. I just got my new Gold card in the mail and decided to try out a modest but not insignificant BT from Disco. The email I received about my "request" said it could take up to 30 days. Is this accurate, does it really take that long?
I just did 3 balance transfers tuesday to penfed pcr. two for about 500 each high interest, i made the transfer on tuesday and by wednesday afternoon it was complete on those 2 cards. the 3rd card i transferred wasnt on their list of banks and it was for 1300, its still pending.
When you do a bt to penfed its a pain in the rear if the other bank is not in their list. you have to page through a list of banks about 6 at a time 40 pages long. if your bank is not in the list then at the last page it gives the option to enter the info.
I got a bt offer from penfed zero pct for 12 mos, 3 pct fee. a no brainer when the 3 cards had int rates from 27-30 pct
Isn't that crazy @SUPERSQUID ? I can't get over how poorly it's designed.

It's actually 5 pages at a time, so you have to click through 40 pages.

And they give you no option to skip ahead, forcing you to click every single page.

And I have never once found the institution I was looking to pay on that list. It seems like half of those 200 names are obsolete, and that many of them aren't even financial institutions. Why doesn't someone at PenFed do something about it?

I agree SJ. I was searching all over the page for a link to skip ahead. It was a mercury mastercard by first bank and trust. the only bank they had listed that was similar was first national united bank.

The " F's ' were about 6 - 8 pages in and then i had to tediously page through the next 30 plus pages to reach the end.

They should have a skip to last option

Re: PenFed Balance Transfers: How long Will It Take?

Borealis — Mon, 28 Feb 2022 06:12:40 GMT

Just to follow up, the BT ended up going through in less than 72 hours. Thanks for all the input!