topic Re: PenFed always offers 0% APR balance transfers?! in Credit Cards

PenFed always offers 0% APR balance transfers?!

Mischa — Wed, 09 Aug 2023 13:58:38 GMT

This may be common knowledge but I had no idea. I knew that PenFed sent out BT checks with special terms (0% APR 12 mo, .99% APR 18 mo). Or sometimes I'd get emailed offers. All with the 3% fee of course. But with most other lenders once your intro period for 0% is up there needs to be a special offer in place or any BT would be subject to regular APR.

I was recently looking to do a BT but the checks they mailed had expired and I hadn't received any emailed offers lately. So I called just to ask if they could send new checks or if I was eligible for any promo BT terms. The rep stated the checks were sent by their marketing department and she can't request them to go out, but the 12 mo 0% is always available online and is standard for the card I have (PCR). No special link, just do a BT like normal anytime you want.

I was nervous because it basically said nothing about this when initiating the BT on their website. Everything I googled said new BTs after the intro period would be 17.99% APR. Well the transaction posted and it indeed shows 0% 12 mo.

Just a nice feature to avoid opening a new card. Offers from existing lenders are pretty easy to come by usually but can get tricky if it's a card you don't want to stop using for daily purchases or you have a lower CL. Also Discover was offering terrible terms (10 mo with a 5% fee).

Re: PenFed always offers 0% APR balance transfers?!

MileHigh96 — Wed, 09 Aug 2023 14:57:23 GMT

Yup, I found this out completely by accident. Several months ago I wanted to move some money from an expiring 0% offer on one card to another card, so I was just going to move it to my PenFed card regardless because it's the one with the lowest interest rate that I have. When I went online to do the transfer, I automatically got the 0% for 12 months during the transaction. Completely surprised, but very happy.

Re: PenFed always offers 0% APR balance transfers?!

SUPERSQUID — Wed, 09 Aug 2023 15:06:43 GMT

I just found this out recently myself. Penfed sent me BT checks with a zero offer that expired 6/30. I called in and told the csr I didnt need a BT right now but I would like an offer around december when I have the current BT on my PCR paid down to zero. She told me whenever you are ready the BT offer is there. I waited a week and called again with the same question and was again told the BT offer will still be good, sweet.

Now I have 2 discovers and 2 penfeds with dueling BT offers.

Re: PenFed always offers 0% APR balance transfers?!

TryItAgain — Wed, 09 Aug 2023 23:09:23 GMT

Yup its great, I've used it whenever needed for quite a while. I have PCR, Pathfinder, and Gold from them. It's always 12mos 0% bt on PCR & Path, but on Gold it's been 15 mos each time! YMMV