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PenFed no balance transfer offers?

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SouthJamaica
Mega Contributor

PenFed no balance transfer offers?

For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available".  Is this happening to others, or is it just me that's running into this?

 

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 710 TU 707 EX 692




Message 1 of 49
48 REPLIES 48
CreditCuriosity
Moderator Emeritus

Re: PenFed no balance transfer offers?

Weird just checked as well and You do not have any balance transfer offers for this card.  This is strange as they always have them.  Either a system glitch or losses stopped them?  Currently my EQ score is 825 out of 850 and really no debt other than house/car.  So something is up.  Use to get tons of BT checks in mail and constant emails about BT's from them just havent payed attention recently

08 Scores - TU: 839 - EXP:839 - EQ:838
Message 2 of 49
SouthJamaica
Mega Contributor

Re: PenFed no balance transfer offers?


@CreditCuriosity wrote:

Weird just checked as well and You do not have any balance transfer offers for this card.  This is strange as they always have them.  Either a system glitch or losses stopped them?  Currently my EQ score is 825 out of 850 and really no debt other than house/car.  So something is up.  Use to get tons of BT checks in mail and constant emails about BT's from them just havent payed attention recently


Thank you @CreditCuriosity I was afraid it was just me and they'd finally decided they'd had enough of me.

 

Yes I found it surprising, because my card with them has always been one of my best balance transfer cards and I've used their balance transfers with a promotional 4.99% rate often. While it's a pretty low rate, it's not nothing, and they've certainly made a lot of money off me with it.

 

Your reference to "losses" as the reason might be dead on. The other day @ejbarraza posted a graphic showing year over year chargeoffs for the 10 largest credit unions, and PenFed had the highest percentage increase in 2023 (the first 3 quarters) -- 125%.  That is quite a jump.

 


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 710 TU 707 EX 692




Message 3 of 49
M_Smart007
Legendary Contributor

Re: PenFed no balance transfer offers?


@SouthJamaica wrote:

For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available".  Is this happening to others, or is it just me that's running into this?

 

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.


Hi @SouthJamaica ,

Yes I have always had these offers, until I seen your post and checked.

I always used to get the checks as well, that stopped about 6-12 months ago.

 

PenFed PCR card ...

Click Image to enlarge

 

 

Message 4 of 49
SouthJamaica
Mega Contributor

Re: PenFed no balance transfer offers?


@M_Smart007 wrote:

@SouthJamaica wrote:

For the first time in the more than 7 1/2 years that I have been a member and credit card holder of PenFed, I'm getting a notice that "no balance transfer offers are available".  Is this happening to others, or is it just me that's running into this?

 

It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently. Almost immediately after they fixed it, they started limiting me to 1 balance transfer. And now they've limited me to none.


Hi @SouthJamaica ,

Yes I have always had these offers, until I seen your post and checked.

I always used to get the checks as well, that stopped about 6-12 months ago.

 

PenFed PCR card ...

Click Image to enlarge

 

 


Well now I don't feel so bad. With you @M_Smart007 and @CreditCuriosity getting the same message, I'm in really good company Smiley Happy Now I feel like I'm among the elite Smiley Happy


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 710 TU 707 EX 692




Message 5 of 49
RSX
Valued Contributor

Re: PenFed no balance transfer offers?

I haven't checked for a long time since I am finishing off a previous BT with them

 

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

 

i DO have the offer showing.  But not for the full amount  - only for 50% of my available CL

 

 

curious.  

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 6 of 49
CreditCuriosity
Moderator Emeritus

Re: PenFed no balance transfer offers?


@RSX wrote:

I haven't checked for a long time since I am finishing off a previous BT with them

 

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

 

i DO have the offer showing.  But not for the full amount  - only for 50% of my available CL

 

 

curious.  


strange maybe only gold card now?  although that would be kinda dumb imho as BT is a revenue stream for them unless charge offs are exceeding BT fees.  Also gold card has a bit easier UW as well if I recall.. Interesting.  Maybe just a bug or will show up at start of year etc.. Sure more will come mine is on PCR w/30k limit that I didn't have and always have had prior to checking

08 Scores - TU: 839 - EXP:839 - EQ:838
Message 7 of 49
SouthJamaica
Mega Contributor

Re: PenFed no balance transfer offers?


@CreditCuriosity wrote:

@RSX wrote:

I haven't checked for a long time since I am finishing off a previous BT with them

 

i just did and for my Gold card that still has $4785 left to pay. - with an April deadline

 

i DO have the offer showing.  But not for the full amount  - only for 50% of my available CL

 

 

curious.  


strange maybe only gold card now?  although that would be kinda dumb imho as BT is a revenue stream for them unless charge offs are exceeding BT fees.  Also gold card has a bit easier UW as well if I recall.. Interesting.  Maybe just a bug or will show up at start of year etc.. Sure more will come mine is on PCR w/30k limit that I didn't have and always have had prior to checking


Mine have been on the Promise card.  I've never used my PCR for balance transfers, just for purchases.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 710 TU 707 EX 692




Message 8 of 49
SUPERSQUID
Valued Contributor

Re: PenFed no balance transfer offers?

I just called in to Penfed to inquire since I have no BT's available too.

The csr told me that on Dec/7 they changed their policy on BT's. Only when you receive a mailer from them you have an offer, otherwise you can't do a BT period, not even at their regular interest rate.

{ BK7 DC 12/2019 } target 2100/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
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Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos ,most are slightly above 700, the 9's slightly higher than the 8's

TCL - about 110k
Retired since 2017
Message 9 of 49
CreditCuriosity
Moderator Emeritus

Re: PenFed no balance transfer offers?


@SUPERSQUID wrote:

I just called in to Penfed to inquire since I have no BT's available too.

The csr told me that on Dec/7 they changed their policy on BT's. Only when you receive a mailer from them you have an offer, otherwise you can't do a BT period, not even at their regular interest rate.


Intersting.  Back to my point losses and reducing risk has to be just my opinion though.

08 Scores - TU: 839 - EXP:839 - EQ:838
Message 10 of 49
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