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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It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently.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.
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
@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.
@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It's unfortunate, because for years PenFed has had a very out-of-date and hard-to-work-with interface for credit card balance transfers, and fixed it only recently.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 ...
@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 ...
Well now I don't feel so bad. With you @M_Smart007 and @CreditCuriosity getting the same message, I'm in really good company Now I feel like I'm among the elite
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.
@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
@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.
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.
@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.