Penfed Balance Transfer Confusion...

[Andy77]

Ok...so when I log into my penfed accounts where my credit cards are it says: Transfer your balances to penfed 0% for 12 months 3% transfer fee, subject to credit approval.

Question:  If I pay off both my cards to 0.00 and 20k avail credit, why would my balance transfer be subject to credit approval ? (I have the avail credit)

Question 2:  The main screen says 0 % apr for a year, but in the Balance Transfer Terms & Conditions, they say balance transfers are just like cash advances and interest accrues right away, if that is the case, how can I pay 0 % for 12 months ?

[Anonymous]

---

@Andy77 wrote:

Ok...so when I log into my penfed accounts where my credit cards are it says: Transfer your balances to penfed 0% for 12 months 3% transfer fee, subject to credit approval.

Question:  If I pay off both my cards to 0.00 and 20k avail credit, why would my balance transfer be subject to credit approval ? (I have the avail credit)

Question 2:  The main screen says 0 % apr for a year, but in the Balance Transfer Terms & Conditions, they say balance transfers are just like cash advances and interest accrues right away, if that is the case, how can I pay 0 % for 12 months ?

---

From what I have seen, even if you have the available CL, the bank reserves the right to decline the transaction (sort of like an AA) if they feel it's questionable.  If it's legit (and why wouldn't it be?), there should be no problem, it's just legalese to protect the bank (or, in this case, CU)

[Aahz]

---

@Andy77 wrote:

Ok...so when I log into my penfed accounts where my credit cards are it says: Transfer your balances to penfed 0% for 12 months 3% transfer fee, subject to credit approval.

Question:  If I pay off both my cards to 0.00 and 20k avail credit, why would my balance transfer be subject to credit approval ? (I have the avail credit)

Question 2:  The main screen says 0 % apr for a year, but in the Balance Transfer Terms & Conditions, they say balance transfers are just like cash advances and interest accrues right away, if that is the case, how can I pay 0 % for 12 months ?

---

1) All banks reserve the right to refuse any charge for any reason.  Balance transfers are no different.  In other words... don't worry about it.

2) I don't have PenFed so can't reas the complete terms myself.  But my assumption is that it means that if any of the BT amount is still outstanding 12 months and 1 day from whenthe BT initiated you will be charged retroactive interest on that remaining balance for the entire previous year.

[Anonymous]

---

@Aahz wrote:

---

@Andy77 wrote:

Ok...so when I log into my penfed accounts where my credit cards are it says: Transfer your balances to penfed 0% for 12 months 3% transfer fee, subject to credit approval.

Question:  If I pay off both my cards to 0.00 and 20k avail credit, why would my balance transfer be subject to credit approval ? (I have the avail credit)

Question 2:  The main screen says 0 % apr for a year, but in the Balance Transfer Terms & Conditions, they say balance transfers are just like cash advances and interest accrues right away, if that is the case, how can I pay 0 % for 12 months ?

---

1) All banks reserve the right to refuse any charge for any reason.  Balance transfers are no different.  In other words... don't worry about it.

2) I don't have PenFed so can't reas the complete terms myself.  But my assumption is that it means that if any of the BT amount is still outstanding 12 months and 1 day from whenthe BT initiated you will be charged retroactive interest on that remaining balance for the entire previous year.

---

I think that's just more legalese.  BTs ARE basically Cash Advances, so interest starts accruing immediately,  It just happens that interest here is 0%.  They're just CYAing and leaving in the standard wording.

[RonM21]

That may be whaf it really is. Just listing it plain across the board, even if the intro is 0%.