Hi all. I have been using my PenFed Gold card as a cash credit line anytime I need to quickly move cash into my checking account with PenFed (no cash advance fees with Penfed either). I pay the balance in full each time but going over my past 6 statements I notice several cash advance transfers and just was curious if this may look bad to PenFed or if anyone has had any issues with doing this and them not caring etc..
I would appreciate any info from people who have done this with PenFed and haven't or had issues arrise from it as I plan to continue using it as a cash credit line when the need arrises if it's not a problem. Thanks in advance.
@Kforce wrote:Do not have Penfed.
However I do not see why they would care. Each CA transaction interest starts immediately and they make money until payment is posted. A zero fee does not mean no cost, interest at 17% for 2-3 days, each CA. {Unless you have some special offer of zero interest and zero fee.}
A saving with them @2.7% and push $ to checking when needed could save you on interest. Even keeping money with no interest in checking might cost you less than multiple CA's. You would need to have your money earning a lot at another institution to make more than the the 3 CA's loss.
For me it is more the why ?
A CA from CC cost money and is more of a once in a blue moon, emergency need, than 4 times a month need cash.
If this is only 1-2 times a month & normal current HYS rates, you might break even.
If this is more than 2 times a month, I would change my plan.
Agreed.
@user979797 wrote:Hi all. I have been using my PenFed Gold card as a cash credit line anytime I need to quickly move cash into my checking account with PenFed (no cash advance fees with Penfed either). I pay the balance in full each time but going over my past 6 statements I notice several cash advance transfers and just was curious if this may look bad to PenFed or if anyone has had any issues with doing this and them not caring etc..
I would appreciate any info from people who have done this with PenFed and haven't or had issues arrise from it as I plan to continue using it as a cash credit line when the need arrises if it's not a problem. Thanks in advance.
I don't think PenFed cares.
I personally don't do it with PenFed because the interest rate is too high.
@user979797 wrote:Hi all. I have been using my PenFed Gold card as a cash credit line anytime I need to quickly move cash into my checking account with PenFed (no cash advance fees with Penfed either). I pay the balance in full each time but going over my past 6 statements I notice several cash advance transfers and just was curious if this may look bad to PenFed or if anyone has had any issues with doing this and them not caring etc..
I would appreciate any info from people who have done this with PenFed and haven't or had issues arrise from it as I plan to continue using it as a cash credit line when the need arrises if it's not a problem. Thanks in advance.
Have you considered making a few email accounts to move money around using zelle? I do this with my bank and credit union all the time, and it is completely free.
I've no idea if they care, but a PLOC, or HELOC if you own property, would most likely be significantly cheaper to do that sort of thing with.
Yes most have reported the same message, myself included...and balance transfer requests also display a similar message now; it has made me consider closing out my membership as the gold card is worthless to me now without those features. cannot convert it to a different product either. But no one is perfect and maybe they will change some of these policies in the future. 