topic Re: 2023 BT offer {from PenFed} in Credit Cards

2023 BT offer {from PenFed}

NoMoreE46 — Wed, 04 Jan 2023 20:55:32 GMT

Typically, issuers try to grab a share of post holiday credit card balances from one another with BT offers.

~~Maybe this can serve as the master thead to capture these offers.~~

Well dang @Remedios and @coldfusion already posted BT threads.

PenFed via mail:

Offer 1 is 0.00% for 12 months w/ 3% fee

Offer 2 is 0.99% for 18 months w/ 3% fee

Must post by 31 March 2023

Re: 2023 BT offers {from PenFed}

Kforce — Wed, 04 Jan 2023 20:57:13 GMT

@NoMoreE46 wrote:
Typically, issuers try to grab a share of post holiday credit card balances from one another with BT offers.
~~Maybe this can serve as the master thead to capture these offers.~~

Well dang @Remedios and @coldfusion already posted BT threads.

PenFed via mail:
Offer 1 is 0.00% for 12 months w/ 3% fee
Offer 2 is 0.99% for 18 months w/ 3% fee
Must post by 31 March 2023

Equivalent rates with even payments for full term on PenFed offers.

Offer 1: 0.00% for 12 months w/ 3% fee = 5.49%

Offer 2: 0.99% for 18 months w/ 3% fee = 4.77%

Re: 2023 BT offers {from PenFed}

NoMoreE46 — Wed, 04 Jan 2023 20:57:35 GMT

Thanks for leveling the math out by showing the true cost @Kforce .

Re: 2023 Penfed BT offers

Remedios — Wed, 04 Jan 2023 20:56:21 GMT

@NoMoreE46 wrote:
Typically, issuers try to grab a share of post holiday credit card balances from one another with BT offers.
~~Maybe this can serve as the master thead to capture these offers.~~

Well dang @Remedios and @coldfusion already posted BT threads.

PenFed via mail:
Offer 1 is 0.00% for 12 months w/ 3% fee
Offer 2 is 0.99% for 18 months w/ 3% fee
Must post by 31 March 2023

It's okay.

I'd rather keep threads separate by a lender.

Tis BT season after all (even if fat NFCU check hasn't sang so far).

I've slightly edited title to reflect Penfed

Re: 2023 BT offer {from PenFed}

coldfusion — Wed, 04 Jan 2023 20:47:51 GMT

I have 2 PenFed cards, I got mailers this afternoon with the identical offers for each of them. 1 check to be used for the 12 month promo, 1 to be used for the 18 month promo.

Re: 2023 BT offer {from PenFed}

Anonymous — Wed, 04 Jan 2023 22:30:45 GMT

I got this too. I always get bt when I don't need them, but when I do, there are no offers.

Re: 2023 BT offer {from PenFed}

CreditCuriosity — Wed, 04 Jan 2023 22:51:00 GMT

Saw I had two things from Penfed in mail today have been to busy to get.. Sounds like I can tear them up before I even open them. Assume one for each card. Wish the 0% NFCU ones would come back although somehow i think that is a thing of the past

Re: 2023 BT offers {from PenFed}

mgood — Thu, 05 Jan 2023 02:08:51 GMT

@coldfusion wrote:
I have 2 PenFed cards, I got mailers this afternoon with the identical offers for each of them. 1 check to be used for the 12 month promo, 1 to be used for the 18 month promo.

I got them for two of my three cards today. Maybe I'll get a third one tomorrow.

@Kforce wrote:
Equivalent rates with even payments for full term on PenFed offers.
Offer 1: 0.00% for 12 months w/ 3% fee = 5.49%
Offer 2: 0.99% for 18 months w/ 3% fee = 4.77%

Thank you.

I'm over here thinking about how many months would it take to pay off my cards and whether or not the interest will cost more than the 3% fee. (It's close, depending on how optimistic I am in my estimated pay-off time.)

I have two cards with the 0% introductory APR ending in January and February. I'm paying them off fast, but they ain't gonna be $0 before interest kicks in.

Disco was offering me 0% interest and 5% fee. I decided against it. 3% from PenFed? . . . Maybe. If I pay them off in 2-3 months, then I'll pay less in interest than I'd pay with the 3% fee. But if 2-3 months stretches into 4-5 months, then I'll wish I'd taken that offer.

Re: 2023 BT offers {from PenFed}

Adkins — Fri, 06 Jan 2023 09:01:41 GMT

I received the same offers in the mail yesterday, which was surprising to me because the card is only six months old.

Re: 2023 BT offers {from PenFed}

tcbofade — Fri, 06 Jan 2023 09:58:10 GMT

DW and I both received two of these yesterday.

DD#3 got one too, but she has no need for them.

DW and I might use one or two of them... we shall see.

Re: 2023 BT offers {from PenFed}

ladybug2016 — Sun, 08 Jan 2023 02:20:01 GMT

I received 2 checks today but my offer is different.

0% APR for 15 months, 3% fee

Re: 2023 BT offers {from PenFed}

Openwater — Sun, 08 Jan 2023 04:27:01 GMT

@Kforce wrote:
Equivalent rates with even payments for full term on PenFed offers.
Offer 1: 0.00% for 12 months w/ 3% fee = 5.49%
Offer 2: 0.99% for 18 months w/ 3% fee = 4.77%

@Kforce Out of curiosity, how do you do the math on those items?

Re: 2023 BT offers {from PenFed}

OmarGB9 — Sun, 08 Jan 2023 17:39:00 GMT

Unfortunately I did not get this offer. Though that could be because I'm already carrying a couple of BTs on it.

Re: 2023 BT offers {from PenFed}

mgood — Sat, 21 Jan 2023 15:26:39 GMT

I was going to use one of these today and ran into obstacles on the PenFed website. (I know. Big surprise there.)

The one for 0% for 12 months can be used by sending the check or by going to PenFed.org/NoAPR.

The one for 0.99% for 18 months can only be used by sending the check.

I get all my statements online. I wouldn't even know where to mail a check. (Or where to find an envelope and a stamp for that matter, lol.)

So I was going to use the 0% 12 month deal online. I go to PenFed.org/NoAPR and it wants me to log in, and I do, and it just takes me to my accounts home page. I go back and type the address again, now that I'm already logged in. It says click here to see offers. I click and it takes me back to my accounts page. I can't see anything about balance transfer offers. . . .

. . . Hmmm. I go to my Platinum card that I want to transfer the balance to, click the little arrow for "More account info and actions" and I see "Balance Transfer" in the list of stuff that opens there. I click on that and it makes no mention of any 0% deal. I don't know if this is a standard 17.99% balance transfer. I think I'm going to have to call them.

Re: 2023 BT offers {from PenFed}

mgood — Sat, 21 Jan 2023 17:10:05 GMT

@mgood wrote:
. . . Hmmm. I go to my Platinum card that I want to transfer the balance to, click the little arrow for "More account info and actions" and I see "Balance Transfer" in the list of stuff that opens there. I click on that and it makes no mention of any 0% deal. I don't know if this is a standard 17.99% balance transfer. I think I'm going to have to call them.

So I spoke to a nice lady on the phone who assured me that is the way to do it. If you have the balance transfer offer, you just go through the normal balance transfer process and it will do it at 0%. (I hope she's right, because that's what I did.)

Re: 2023 BT offers {from PenFed}

LunarChuck — Sat, 21 Jan 2023 17:39:03 GMT

@Kforce I'm also very curious about how you calculated "equivalent rates". Is it related to the 3% being up-front instead of spread across the term?

Re: 2023 BT offers {from PenFed}

Kforce — Tue, 24 Jan 2023 17:14:41 GMT

LunarChuck : New Visitor

@Kforce I'm also very curious about how you calculated "equivalent rates". Is it related to the 3% being up-front instead of spread across the term?

------------------------

Because you are the second to ask, I shall answer in the thread

Usually just send a PM.

For the second example: 3% fee & 0.99% for 18 months

First you just make up a fake BT amount

Amount does not mater, will not change the loan rate

Lets use $5,000 BT // (Fee = 5000 * 0.03 = 150)

With a Loan Calculator you enter (5150) @ 0.99 for 18 months

This will give you the 18 month payment & interest loss on top of the fee

5150 @ 0.99 for 18/m = Payment of 288.36/m & interest loss of $40.48

Bottom line the 5000 BT cost 150+40.48 = 190.48

With an amortization program you input loan as the original 5000

with the 18/mo payment amount and keep changing the interest #

until the interest loss = the above 190.48

A few try's later you get the rate