PenFed

[bigpoppa09]

Hey guys i thought i would post this normally for new members when u make a payment they hold it for 10 days before they release it. I made a payment Aug 31 and today it posted with full credit limit available i have been with them 3 months just thought i would share.

[Loquat]

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@bigpoppa09 wrote:

Hey guys i thought i would post this normally for new members when u make a payment they hold it for 10 days before they release it. I made a payment Aug 31 and today it posted with full credit limit available i have been with them 3 months just thought i would share.

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Very nice! However, I'd venture to say that you're more of an exception rather than the rule.  There have been sporadic post where some members have been lucky enough to not have to deal with this issue. But more times than not, the hold usually sticks for the first 6 months. Enjoy nor having to wait it out.  

[csryang]

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@Loquat wrote:

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@bigpoppa09 wrote:

Hey guys i thought i would post this normally for new members when u make a payment they hold it for 10 days before they release it. I made a payment Aug 31 and today it posted with full credit limit available i have been with them 3 months just thought i would share.

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Very nice! However, I'd venture to say that you're more of an exception rather than the rule.  There have been sporadic post where some members have been lucky enough to not have to deal with this issue. But more times than not, the hold usually sticks for the first 6 months. Enjoy nor having to wait it out.  

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I dont think he/she is the exception though. It's just rarely talked about here...

I also noticed this issue on my account as I am a new PenFed member. Payment to credit card takes 10 days or so for it to reflex and release it to the available credit. 

It is not an issue for me as my CL is 25k  and I doubt I will ever use majority of the total credit in the first 6 months with them. 

However, someone will find it troublesome. 

In addition to me, I can also find another datapoint that has this same 10day restriction due to being a new member. I think this is their newbie rule in general not any kind of exception.

[Loquat]

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@csryang wrote:

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@Loquat wrote:

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@bigpoppa09 wrote:

Hey guys i thought i would post this normally for new members when u make a payment they hold it for 10 days before they release it. I made a payment Aug 31 and today it posted with full credit limit available i have been with them 3 months just thought i would share.

---

Very nice! However, I'd venture to say that you're more of an exception rather than the rule.  There have been sporadic post where some members have been lucky enough to not have to deal with this issue. But more times than not, the hold usually sticks for the first 6 months. Enjoy nor having to wait it out.  

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I dont think he/she is the exception though. It's just rarely talked about here...

I also noticed this issue on my account as I am a new PenFed member. Payment to credit card takes 10 days or so for it to reflex and release it to the available credit. 

It is not an issue for me as my CL is 25k  and I doubt I will ever use majority of the total credit in the first 6 months with them. 

However, someone will find it troublesome. 

In addition to me, I can also find another datapoint that has this same 10day restriction due to being a new member. I think this is their newbie rule in general not any kind of exception.

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That's what the OP is saying...his payment should have been helped for 10 days but it wasn't. It posted in only 2 which is very rare for a member of only 3 months. They're usually help for 10 days until you've been a member for 6. 

[csryang]

Thanks! I misread it somehow. I guess I really needed my morning coffee lol

[Meanmchine]

I was told for the first 90 days, your payment is credited to your account as soon as it gets paid by your bank, however the available balance on your account doesnt release til 10 days.

[fltireguy]

I never experienced the hold, since they declined me when I applied for a CC when I opened my savings acct. in 5/2016. By the time of my second app, and approval in 12/16, I was over 6 months, so the payments were applied instantly as soon as I did them on penfeds website. 😀😀😀

[Anonymous]

Yeah that 10 day hold is super annoying!  My 3Rd statement just cut....I hope they'll start releasing those payments much sooner than 10 days.  For accounts older than 6 months, how soon after you make a payment does the credit become available?  

For the OP, did you open the CC at the same time you opened your initial savings account, or did you have that for a couple months prior to opening the CC?  I've read the 10 day hold applies for 6 months.

[AverageJoesCredit]

To be honest i dont ever remember having such along hold on my account and for sure it wasnt 6 months.

[Anonymous]

Hey Joe! You were prolly in before the hold was instituted. I think it might have been a response to the deluge they received awhile back. Perhaps you were even the cause of it lol!

So, after reading and realizing i had just pifed it, i checked. Son of a gun. The Op is correct. My card it's now acting normally. So, the mobile deposit works. Lastly, i went to check my ability to transfer more than 50 dollars per day. Sadly, that's still cocked up.

I guess just one of my training wheels fell off.  At least the last one can be worked around. Hey, i just thought. If the cc payment posts now, i wonder if ach transfers into checking post immediately?  Must test.

I cannot for the life of me figure out why they do this stuff.