How does Penfed code CC transfer to auto loan?

trant3 · ‎07-29-2015

I have both PenFed CC and auto loan. I'm looking to reach $1500 spending for the $100 credit card credit. I've noticed the transfer option was available to direct "transfer" from CC to auto loan, and of course I'll be paying the CC balance right off, but does anyone know how this will be coded. My gut tells me cash advance? If so, I will not do.

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signaturecardmember · ‎07-29-2015

I would be 99% sure even if you had someway to pay your autoloan with a CC they would not do it as it is their own system, just like with most balance transfer offers you can tnot transfer debt from the same issuer under the promotion.

As a side note I recieved a similar offer for my PF card I never use, except mine was for $1k spend for $100.

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Anonymous · ‎07-29-2015

Direct from PenFed's main CC page:

"Balance transfers are treated as cash advances so interest accrues from the date the transfer is posted to your account. Balance transfers of other PenFed credit cards, loans, and/or lines of credit are not eligible for this promotion."

ILBrian · ‎07-29-2015

be mindful this would be a cash advance and therefor no rewards apply

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