PenFed How Long to Release Credit Limit

[RicHowe]

I paid my Power Cash Rewards card in full 10 days ago, but the credit limit has not been returned. How long does it take?

[Anonymous]

For the first three months it took mine 7 - 10 days for it to release but as of my current month (fourth) it was same day it posted.  When I called and asked about this, CS told me that it is a common occurrence for new accounts, until payment history is established.

[Anonymous]

7-10 days for me as well. I'm on my second billing cycle.

[fltireguy]

For me it’s instant if I pull the payment from one of my outside banks, as well as from a PenFed account too

[Anonymous]

Yes, it's instant for the transfer from Penfed checking/savings account to Penfed cc account

[Anonymous]

I did a transfer last week from my Access America Checking account to pay off one of my credit cards and after the payment was credited the account showed a one penny difference. (Available Credit $14,999.99 when it should have been $15,000).  Then overnight it was corrected.  Their system seems wonky at times.

[DaveInAZ]

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@fltireguy wrote:
For me it’s instant if I pull the payment from one of my outside banks, as well as from a PenFed account too

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The OP doesn't say how long he's been a member of Penfed, but as someone who joined in May 2017 for the first 6 months of memberhsip I can assure you it takes 10 days for a payment to a CC to be released to the CL, whether the payment is from a Penfed or outside account. I got a low limit on my Cash Rewards card and to meet the spend requirement for the bonus I was making weekly payments to have the available credit to make purchases.

Now that I've passed the 6 months membership mark yes, payments are released to available credit immediately.

[CreditCuriosity]

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@DaveInAZ wrote:

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@fltireguy wrote:
For me it’s instant if I pull the payment from one of my outside banks, as well as from a PenFed account too

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The OP doesn't say how long he's been a member of Penfed, but as someone who joined in May 2017 for the first 6 months of memberhsip I can assure you it takes 10 days for a payment to a CC to be released to the CL, whether the payment is from a Penfed or outside account. I got a low limit on my Cash Rewards card and to meet the spend requirement for the bonus I was making weekly payments to have the available credit to make purchases.

Now that I've passed the 6 months membership mark yes, payments are released to available credit immediately.

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+1 new members aka 6 months whether you bank with them or not they will hold your funds on your CC.  I bank with them and it was taken instantly out and was on hold for 10 days before allowed to use again which wasn't an issue just annoying as have a large CL.  They are my main bank/cu for over 2 years now and couldn't be happier although the first 6 months are kinda annoying I must admit.  If you push the payment it might be different?  Although all places I prefer the pull method as keep sufficent funds in my accounts where a payment will never bounce and prefer to have it as lender fault by their system if a payment doesn't post vs. mine for messing up a push.