topic Re: PenFed Cash Question... in Credit Cards

PenFed Cash Question...

Andy77 — Tue, 10 Jun 2014 05:05:30 GMT

I have the PenFed Amex with 20k limit. My balance is 80.00 and I don't use the card much at all anymore. I want to use it more, but I dont have anything I want to buy.

I use my Citi AA Mastercard to pay my 1500 rent everymonth and I pay it off right away.

I can't use the Amex to pay my rent so I wanted to throw out this question.... How would it look if every once in a while..not every month, I took out 1600 bucks and used that to pay my rent, then paid off the card ?

I just don't want them to not give me anymore CLI's because I don't use the card much anymore,

Re: PenFed Cash Question...

Mailak — Tue, 10 Jun 2014 06:01:01 GMT

I can't imagine that cash advances from a credit card look good. Large cash advances in thousands of dollars probably much much worse.

Re: PenFed Cash Question...

Anonymous — Tue, 10 Jun 2014 12:20:23 GMT

Penfed has no fees for cash advances, and the 9.99% interest rate kicks in immediately.

So you'd pay some interest, but not a lot, if you took out $1600 via a cash advance.

However, I would avoid doing this for the sole purpose of exercising the card.

I have a Penfed CC with similar terms, but would be uneasy about using it for a cash advance. If I really needed to do such an advance, I'd use a different CU card.

Re: PenFed Cash Question...

Anonymous — Tue, 10 Jun 2014 12:37:32 GMT

I have two penfeds that I don't use for months on end. Of course, they don't give me CLIs either but OP, why do you care about that? Paying even a small amount of interest to get a CLI on a card you don't use seems a waste

Re: PenFed Cash Question...

takeshi74 — Tue, 10 Jun 2014 15:07:42 GMT

Do they not have another product that would be useful to you?