topic Re: PenFed no balance transfer offers? in Credit Cards

PenFed no balance transfer offers?

SouthJamaica — Thu, 14 Dec 2023 18:21:38 GMT

For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available". Is this happening to others, or is it just me that's running into this?

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.

Re: PenFed no balance transfer offers?

CreditCuriosity — Thu, 14 Dec 2023 17:31:01 GMT

Weird just checked as well and You do not have any balance transfer offers for this card. This is strange as they always have them. Either a system glitch or losses stopped them? Currently my EQ score is 825 out of 850 and really no debt other than house/car. So something is up. Use to get tons of BT checks in mail and constant emails about BT's from them just havent payed attention recently

Re: PenFed no balance transfer offers?

SouthJamaica — Thu, 14 Dec 2023 20:20:18 GMT

@CreditCuriosity wrote:
Weird just checked as well and You do not have any balance transfer offers for this card. This is strange as they always have them. Either a system glitch or losses stopped them? Currently my EQ score is 825 out of 850 and really no debt other than house/car. So something is up. Use to get tons of BT checks in mail and constant emails about BT's from them just havent payed attention recently

Thank you @CreditCuriosity I was afraid it was just me and they'd finally decided they'd had enough of me.

Yes I found it surprising, because my card with them has always been one of my best balance transfer cards and I've used their balance transfers with a promotional 4.99% rate often. While it's a pretty low rate, it's not nothing, and they've certainly made a lot of money off me with it.

Your reference to "losses" as the reason might be dead on. The other day @ejbarraza posted a graphic showing year over year chargeoffs for the 10 largest credit unions, and PenFed had the highest percentage increase in 2023 (the first 3 quarters) -- 125%. That is quite a jump.

Re: PenFed no balance transfer offers?

M_Smart007 — Thu, 14 Dec 2023 20:12:55 GMT

@SouthJamaica wrote:
For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available". Is this happening to others, or is it just me that's running into this?

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.

Hi @SouthJamaica ,

Yes I have always had these offers, until I seen your post and checked.

I always used to get the checks as well, that stopped about 6-12 months ago.

PenFed PCR card ...

Re: PenFed no balance transfer offers?

SouthJamaica — Thu, 14 Dec 2023 20:18:11 GMT

@M_Smart007 wrote:
@SouthJamaica wrote:
For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available". Is this happening to others, or is it just me that's running into this?

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.
Hi @SouthJamaica ,
Yes I have always had these offers, until I seen your post and checked.
I always used to get the checks as well, that stopped about 6-12 months ago.

PenFed PCR card ...

Well now I don't feel so bad. With you @M_Smart007 and @CreditCuriosity getting the same message, I'm in really good company Now I feel like I'm among the elite

Re: PenFed no balance transfer offers?

RSX — Thu, 14 Dec 2023 21:12:53 GMT

I haven't checked for a long time since I am finishing off a previous BT with them

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

i DO have the offer showing. But not for the full amount - only for 50% of my available CL

curious.

Re: PenFed no balance transfer offers?

CreditCuriosity — Thu, 14 Dec 2023 21:47:52 GMT

@RSX wrote:
I haven't checked for a long time since I am finishing off a previous BT with them

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

i DO have the offer showing. But not for the full amount - only for 50% of my available CL

curious.

strange maybe only gold card now? although that would be kinda dumb imho as BT is a revenue stream for them unless charge offs are exceeding BT fees. Also gold card has a bit easier UW as well if I recall.. Interesting. Maybe just a bug or will show up at start of year etc.. Sure more will come mine is on PCR w/30k limit that I didn't have and always have had prior to checking

Re: PenFed no balance transfer offers?

SouthJamaica — Thu, 14 Dec 2023 21:52:06 GMT

@CreditCuriosity wrote:
@RSX wrote:
I haven't checked for a long time since I am finishing off a previous BT with them

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

i DO have the offer showing. But not for the full amount - only for 50% of my available CL

curious.
strange maybe only gold card now? although that would be kinda dumb imho as BT is a revenue stream for them unless charge offs are exceeding BT fees. Also gold card has a bit easier UW as well if I recall.. Interesting. Maybe just a bug or will show up at start of year etc.. Sure more will come mine is on PCR w/30k limit that I didn't have and always have had prior to checking

Mine have been on the Promise card. I've never used my PCR for balance transfers, just for purchases.

Re: PenFed no balance transfer offers?

SUPERSQUID — Thu, 14 Dec 2023 21:55:17 GMT

I just called in to Penfed to inquire since I have no BT's available too.

The csr told me that on Dec/7 they changed their policy on BT's. Only when you receive a mailer from them you have an offer, otherwise you can't do a BT period, not even at their regular interest rate.

Re: PenFed no balance transfer offers?

CreditCuriosity — Thu, 14 Dec 2023 21:57:35 GMT

@SUPERSQUID wrote:
I just called in to Penfed to inquire since I have no BT's available too.
The csr told me that on Dec/7 they changed their policy on BT's. Only when you receive a mailer from them you have an offer, otherwise you can't do a BT period, not even at their regular interest rate.

Intersting. Back to my point losses and reducing risk has to be just my opinion though.

Re: PenFed no balance transfer offers?

SUPERSQUID — Thu, 14 Dec 2023 21:59:31 GMT

@CreditCuriosity wrote:
@RSX wrote:
I haven't checked for a long time since I am finishing off a previous BT with them

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

i DO have the offer showing. But not for the full amount - only for 50% of my available CL

curious.
strange maybe only gold card now? although that would be kinda dumb imho as BT is a revenue stream for them unless charge offs are exceeding BT fees. Also gold card has a bit easier UW as well if I recall.. Interesting. Maybe just a bug or will show up at start of year etc.. Sure more will come mine is on PCR w/30k limit that I didn't have and always have had prior to checking

BTW, I called regarding my Gold card which presently has a zero balance, no dice.

Re: PenFed no balance transfer offers?

AverageCreditsUser — Fri, 15 Dec 2023 09:40:50 GMT

Same here. Mine also was a gold card.

Re: PenFed no balance transfer offers?

mgood — Fri, 15 Dec 2023 16:05:34 GMT

I think they come and go for me. I don't believe I have any offers currently.

My Platinum Rewards is holding a balance transfer that I need to pay off pronto. The 0% interest runs out next month. I don't think I'm going to try to BT it to something else. I'm just going to pay it off. I spent a sizable chunk on my Cabela's card with 0% interest for 12 months, and my Cash+ is still 0% until July. I don't need 3 cards showing a balance.

Re: PenFed no balance transfer offers?

WowCool — Tue, 19 Dec 2023 00:06:31 GMT

Well I guess I just lucked out, I did a BT on my Promise the 4th of Dec. Though it sounds like Bts are going to be limited as stated from other members. Bummer. And I also have not got any checks for bts since beginning of year?!

Maybe NFCU will start back up with their January BTs....... lol wishful thinking

Re: PenFed no balance transfer offers?

Traveler101 — Tue, 19 Dec 2023 01:03:14 GMT

I haven't seen the balance transfer checks in a long time. I thought it was only me too. I would constantly get the checks in the mail. Not anymore.

I do have a customized cash from BOA. When I log in, an offer on the card 0 intrest for 12 months and 3% transfer fee. Perhaps if you carry that card, maybe you have an offer when you log in?

Seeing how they are being generous with me on cli's, I will show them some love a transfer a balance short term. Then hit the love button when it's paid down in about 3 months with hefty payments, lol.

Happy Holidays!

Re: PenFed no balance transfer offers?

Guyatthebeach — Tue, 19 Dec 2023 02:59:35 GMT

@SouthJamaica,

It's not you, I think Penfed is tightening the restrictions on BT's. I have no BT offers on all 3 cards. I checked every single account. I can still a BT but only by clicking it manually and it's at a regular APR

Guyattheach

Re: PenFed no balance transfer offers?

SouthJamaica — Tue, 19 Dec 2023 04:13:26 GMT

@Guyatthebeach wrote:
@SouthJamaica,

It's not you, I think Penfed is tightening the restrictions on BT's. I have no BT offers on all 3 cards. I checked every single account. I can still a BT but only by clicking it manually and it's at a regular APR
Guyattheach

Actually I can't get one at a regular APR, either. (Not that there would be any point in doing so)

Re: PenFed no balance transfer offers?

Iusedtolurk — Wed, 20 Dec 2023 14:44:25 GMT

@SouthJamaica wrote:
For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available". Is this happening to others, or is it just me that's running into this?

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.

I was just checking BT availabilty for later this month and got the No Balance Tranfers.... language so I decided to check the forum to see if anyone else had received it and Sure Enough I saw this post.

Really screws me up due to almost maxing out a few cards due to a catastrophic flood and trying to get things back halfway habitable.

Guess I have to go to Plan B that I didn't already figure out.

At least this post gave me a Heads-up that it wasn't a glitch or something.

Off hand does anyone know if you can cash advance from cc to a bank account from Penfed?

Re: PenFed no balance transfer offers?

SUPERSQUID — Wed, 20 Dec 2023 15:04:13 GMT

@SouthJamaica wrote:
@Guyatthebeach wrote:
@SouthJamaica,

It's not you, I think Penfed is tightening the restrictions on BT's. I have no BT offers on all 3 cards. I checked every single account. I can still a BT but only by clicking it manually and it's at a regular APR
Guyattheach
Actually I can't get one at a regular APR, either. (Not that there would be any point in doing so)

The same for me. When I called in I asked if I can have a BT at regular rates and the lady politely said NO.

About 2 months ago I paid my Gold card down to zero in anticipation of using a zero pct BT from one of my Discos, oh well..

Re: PenFed no balance transfer offers?

SouthJamaica — Wed, 20 Dec 2023 15:24:27 GMT

@Iusedtolurk wrote:
@SouthJamaica wrote:
For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available". Is this happening to others, or is it just me that's running into this?

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.
I was just checking BT availabilty for later this month and got the No Balance Tranfers.... language so I decided to check the forum to see if anyone else had received it and Sure Enough I saw this post.

Really screws me up due to almost maxing out a few cards due to a catastrophic flood and trying to get things back halfway habitable.

Guess I have to go to Plan B that I didn't already figure out.

At least this post gave me a Heads-up that it wasn't a glitch or something.

Off hand does anyone know if you can cash advance from cc to a bank account from Penfed?

1. Yes but there's probably a cash advance fee and a prohibitively high interest rate.

2. If they're not allowing you to do a balance transfer, they're probably not allowing you to do a cash advance either.