PenFed Cash Advance Question

[AverageJoesCredit]

Lol, ok i get it, or at least i think i do, i guess its best to let sleeping dogs lie So.....Penfed....

[UncleB]

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@Anonymous wrote:
Well... that's the thing. My transactions are nothing strange I'll put it this way, I could simply buy a TV with my card and sell it and make money. My creditor can only see that I bought the TV but will never know I sold it it's something along those lines LOL and stop with the questions haha IT'S MY SECRET LOL

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LOL... I hate to tell you but your 'secret' has been out for a while now... probably as long as credit cards have existed. 

Your not even on your card issuers radar if you're talking about normal dollar amounts, and remember your anonymous here in any case.  If you started doing this in the tens of thousands each month that might be a different matter altogether (and suitable for a post in the Business Credit forum) but for the occasional need this won't even make the radar.

BTW, plenty of people have made (and do make) substantial purchases for friends/relatives (for cash back or whatever) and that's OK, too - even the issuers are fine with it.  It's not the same as MS and is fine to discuss on here. 

[Anonymous]

Well I've put a lot of research into it lol. And I fear my account might be flagged if I talk about something related to MS. And I think my method is more refined because it's more cost efficient. I've tried it with one other card and it came out to somewhere near 6%. Yikes! I've never tried it with my normal cards like discover, chase, boa, amex, etc. I would have to do research on those ones... but yes, on to the OP'S question lol

[Anonymous]

Personally, I would love to share my secret because pay day loans and cash advances are stupid in my opinion. If there is another way around, I'll take that route and I have lol However, some poor soul will ruin my specific method... gosh. Don't make me spill my secret lol It's exactly how you would do it except with very slight variations and better interest rates LOL

[elim]

Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

[Anonymous]

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@elim wrote:

Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

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Speaking of boats..I sold mine elim  after dumping another 13k into it, got tired of the go fast stuff. Now in the market for a family cruiser. whatch got for me 

[UncleB]

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@elim wrote:

Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

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LOL... 'back in the day' I did the same; I got my hands on some no-fee checks for a few months and did quite well for myself.  It also helped my credit line to double... back then apparently that 'counted' as usage - recent experience indicates this is no longer the case, though.

Good times...  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed  will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks

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How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found

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The interest rate was 15.24%

[rlx01]

OP: your two balances (purchases and CA) are in different "buckets". Your payment should be applied to the CA first.