PenFed no balance transfer offers?

[NoMoreE46]

---

@Tdatb64 wrote:

---

@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.

---

I got a letter in the mail a couple of days ago to that effect:

"We are no longer offering standard balance transfers. If your account is eligible for one or more promotional offers, the terms applicable to that promotional offer will be provided at that time. Balance Transfer changes will be made to your account effective December 9, 2024.

The change will impact your account as follows:

     At our option, a special promotional rate may be offered from time to time. The specific terms will be provided at the time of the offer."

It goes on to say that if you don't agree with the changes you may cancel your account, yadda, yadda, yadda...

<Edit>

Oops, I posted this before I read through all the replies to see that one of our denizens already posted an actual copy of the letter. Could've saved myself all that hunt 'n' peck typing...

---

My wife tells me that  I  be  denizening on this site way too much  😆.

[crystal626]

I got the letter too. If it wasn't a $25K limit, I would just close it, because I have better cards even with the 2%.

[Guyatthebeach]

@SouthJamaica,

I got the same letters for all three of my cards with them.  When I decide to scale back on credit unions and closing excess credit cards, Penfed will probably be on the top of the list. Without the balance transfer availability and the low rewards, I don't see any value in continuing the relationship with them. 

I do hope that Penfed improves their financial performance.  

I will have to see what I do with this CU.

Guyatthebeach

[markhs777]

---

@crystal626 wrote:

I got the letter too. If it wasn't a $25K limit, I would just close it, because I have better cards even with the 2%.

While the cards are now very bland If there is no annual fee why close it? Who knows what will be in future offerings.

---

[oldman425]

I received the letters this week regarding on longer doing balance trasfers.  My guess is that they are trying to protect themselves is this wonderful economy.

[MileHigh96]

My DW and I both got the same letters from PenFed this past weekend. Really sucks because it was always nice to have that BT option with them.

[Gregory1776]

---

@MileHigh96 wrote:
My DW and I both got the same letters from PenFed this past weekend. Really sucks because it was always nice to have that BT option with them.

---

Not directed at you but continuing the trend. 
I've never gotten a CLI, or BT offer from them. Disco Has a BT offer now (finally, 6 months late). 

I too am probably closing the cards and accounts soon. I'll reevaluate next year, especially if I get a CLI @ Wells Fargo (and or USBANK Smartly)

[tcbofade]

Yep.  DW and I got seven copies of that letter. 

It's a shame, but that was really the only useful part of PenFed for us as well.

[crystal626]

---

@markhs777 wrote:

---

@crystal626 wrote:

I got the letter too. If it wasn't a $25K limit, I would just close it, because I have better cards even with the 2%.

While the cards are now very bland If there is no annual fee why close it? Who knows what will be in future offerings.

---

---

Too many cards gets to be difficult to manage. I'm approaching 30 cards and it's much more difficult to keep them alive now that Amazon set a $5 minimum for gift card reloads so it's got me thinking it's time for some of them to go.