Paying my PenFed VISA with USAA Checking

[Anonymous]

So I've done my "due diligence" and searched these boards about all the issues with trying to transfer money to PenFed accounts in the first 6-months. 

Lots of discussion about "pushing" and "pulling" and "holding" and opening a checking account and pushing stuff to the checking and then to the CC. The whole discussion makes my head spin and I don't want another checking account if I don't need one. 

When I go under my bill pay option on USAA's website and try and add a new "Payee" it gives me two options for PenFed: the first is "PENTAGON FCU" and the second is "PENTAGON FCU VISA/MASTERCARD". 

Does anyone know if you use USAA's bill pay option how quickly money is credited to the PenFed Visa? I'm hoping since it has it's own little designation that it is not going to be held for 9 days.  

[creditwherecreditisdue]

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@Anonymous wrote:

So I've done my "due diligence" and searched these boards about all the issues with trying to transfer money to PenFed accounts in the first 6-months. 

Lots of discussion about "pushing" and "pulling" and "holding" and opening a checking account and pushing stuff to the checking and then to the CC. The whole discussion makes my head spin and I don't want another checking account if I don't need one. 

When I go under my bill pay option on USAA's website and try and add a new "Payee" it gives me two options for PenFed: the first is "PENTAGON FCU" and the second is "PENTAGON FCU VISA/MASTERCARD". 

Does anyone know if you use USAA's bill pay option how quickly money is credited to the PenFed Visa? I'm hoping since it has it's own little designation that it is not going to be held for 9 days.  

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You will be effected if you are in the first six months of membership. The funds are not held - they are directly posted to the account and reduce the balance on the account. However, your available credit will not be increased until ten days after the payment is received. Most people with PenFed CC's have a sufficiently high CL that this should not be a real big problem.

[wajj]

I have had no problem at all with money crediting to my PenFed Visa from an external account (I have done it from 2 external accounts, both payments initiated from the PenFed website).  I pay it and it is credited the same day I pay it.  However, the available balance on my Visa does not reflect the payment for 10 days, even though that payment shows on my statement.  I have had the card for 4 months.

I think there is much worry over a little thing, unless you are charging close to your limit every month and need that payment to register on your available balance immediately -- then I would say there is more to worry about.

Yes, I look forward to my 6 month anniversary when this stops.  But, I'm willing to live with it in exchange for $20 cash back per month credited instantly.

[Anonymous]

That's easy enough......with a $20K CL I'm pretty sure the 10-day wait on the available CL will not effect me.

Thanks for the quick and simple answer.  

[smallfry]

I had no problem paying my credit card using an outside checking account but my account was set up more than 2 years ago. You know for a supposed "prime" lender Penfed sure is exhibiting subprime behaviour.

[creditwherecreditisdue]

Not exactly. Not very many subprime issuers out there routinely tossing around $10K+ CL's.

[smallfry]

High credit limits are not the only criteria.

[haulingthescoreup]

Well, it seems that they have gotten burned by a substantial number of new members, so it looks like they're trying to put the brakes on initially. Maybe they think that those who are likely to abuse the card will be discouraged by the waiting period or something.

OP, I pay from the PenFed website ("pulling" the money in.) I use my USAA checking account for this purpose. Since I don't have it set up on the USAA Bill Pay site, I can't tell you how it shows on this end, but I'm guessing that you want to choose the PENFED MC/ VISA option. I can't remember --did you get another loan product from PenFed? --auto loan, LOC, etc. Maybe that's what the other account name is for.

I * think * I remember from all the posts that even though your available credit isn't restored for 10 days, your payment is credited sooner, so you should be able to PIF a few days before statement time to have $0 reporting, if you want to do that.

[creditwherecreditisdue]

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@smallfry wrote:
High credit limits are not the only criteria.

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Could you enumerate the other ways in which PenFed is "exhibiting subprime behavior"?

[creditwherecreditisdue]

So much meshugas here about how PenFed reflects payments in your available balance. I'm at discovercard.com right now making a payment and looking at the "Important Information About Make a Payment":

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Does this make Discover subprime as well?