Penfed PCR convenience checks

[SUPERSQUID]

Hello everyone,

I know i have brought this up before but twice i called penfed and they verified if i take a bt and then make a purchase with the card the whole balance purchase and bt then are charged with monthly interest.

Because of that my PCR sits sock drawered because i presently have a zero pct bt with the card, its a shame because its a 2 pct cb card and my bt is less than 30 pct of my limit.

I just received 2 bt convenience checks for the card thursday. one is an offer for 12 months at zero and the other is 18 months at 0.99.

The following is the wording included in the offer.

" BY TAKING ADVANTAGE OF THIS OFFER, YOU WILL IMMEDIATELY BE CHARGED INTEREST ON ALL PURCHASES MADE WITH YOUR CREDIT CARD OR BALANCE BALANCE TRANSFER CHECKS UNLESS YOU PAY THE THE ENTIRE ACCOUNT BALANCE, INCLUDING BALANCE TRANSFERS, IN FULL EACH MONTH BY THE PAYMENT DUE DATE..

Word salad thats very perplexing.

[FinStar]

Just as it has been discussed before, that's pretty much standard with the majority of lenders. When it comes to comingling BTs and purchases where both are not at 0% promotions simultaneously, then that's pretty much expected. Your Discover card will do the same thing. Your Comenity card, same. NFCU, same. 

[AverageJoesCredit]

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@SUPERSQUID wrote:

Hello everyone,

I know i have brought this up before but twice i called penfed and they verified if i take a bt and then make a purchase with the card the whole balance purchase and bt then are charged with monthly interest.

Because of that my PCR sits sock drawered because i presently have a zero pct bt with the card, its a shame because its a 2 pct cb card and my bt is less than 30 pct of my limit.

I just received 2 bt convenience checks for the card thursday. one is an offer for 12 months at zero and the other is 18 months at 0.99.

The following is the wording included in the offer.

" BY TAKING ADVANTAGE OF THIS OFFER, YOU WILL IMMEDIATELY BE CHARGED INTEREST ON ALL PURCHASES MADE WITH YOUR CREDIT CARD OR BALANCE BALANCE TRANSFER CHECKS UNLESS YOU PAY THE THE ENTIRE ACCOUNT BALANCE, INCLUDING BALANCE TRANSFERS, IN FULL EACH MONTH BY THE PAYMENT DUE DATE..

Word salad thats very perplexing.

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This is true so that's why if you ant to use the card don't place a bt on it. The PCR fast became one of my favorite cards to use but when they offered a 18 month bt  at 0.99% I had to jump at it as the limit on my card would help my uti. I wish I could still use my PCR but  won't jeopardize  my promo rate. Good thing though is you can make those checks out to yourself and do what you need to do . Just remember when they cash those in your promo begins and you will have a 3% fee. 

[pip3man]

So here's my current experience with BT with Penfed. My Pathfinder card currently has a 0% BT on it. I've been using the card for regular purchases at the same time and never was charged or paid a dime in interest either on the purchases or BT portion. I just calculate my total purchases for that month and whatever the amount is, I add it on to the regular minimum payment and that's what I pay. I think it's a wrong wording on Penfed's part.

[SUPERSQUID]

Thank you Finstar,

the difference is when you call Discover they make it clear that balance transfers and purhases are treated the following way,

If you have an active bt with disco lets say 1000 bucks and you make a purchase for 150 bucks and your minimum payment is 35, and you make a payment of 100 the first 35 your minimum payment goes towards the purchases balance and the other 65 goes towards the bt.

Penfed says no such thing when you call them. they tell you that if you make a purchase with the card the whole balance including the bt becomes due at the end of the statement or the entire balance left accrues regular cc interest.

The first one to make me aware of this was Omar89

[SUPERSQUID]

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@AverageJoesCredit wrote:

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@SUPERSQUID wrote:

Hello everyone,

I know i have brought this up before but twice i called penfed and they verified if i take a bt and then make a purchase with the card the whole balance purchase and bt then are charged with monthly interest.

Because of that my PCR sits sock drawered because i presently have a zero pct bt with the card, its a shame because its a 2 pct cb card and my bt is less than 30 pct of my limit.

I just received 2 bt convenience checks for the card thursday. one is an offer for 12 months at zero and the other is 18 months at 0.99.

The following is the wording included in the offer.

" BY TAKING ADVANTAGE OF THIS OFFER, YOU WILL IMMEDIATELY BE CHARGED INTEREST ON ALL PURCHASES MADE WITH YOUR CREDIT CARD OR BALANCE BALANCE TRANSFER CHECKS UNLESS YOU PAY THE THE ENTIRE ACCOUNT BALANCE, INCLUDING BALANCE TRANSFERS, IN FULL EACH MONTH BY THE PAYMENT DUE DATE..

Word salad thats very perplexing.

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This is true so that's why if you ant to use the card don't place a bt on it. The PCR fast became one of my favorite cards to use but when they offered a 18 month bt  at 0.99% I had to jump at it as the limit on my card would help my uti. I wish I could still use my PCR but  won't jeopardize  my promo rate. Good thing though is you can make those checks out to yourself and do what you need to do . Just remember when they cash those in your promo begins and you will have a 3% fee. 

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Penfed advised me over the phone that they recommend card holders that use the card for bt's not use it for purchases otherwise interest will accrue on the whole balance.

Question, by the wording does that include using that convenience check offer?

[SUPERSQUID]

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@pip3man wrote:

So here's my current experience with BT with Penfed. My Pathfinder card currently has a 0% BT on it. I've been using the card for regular purchases at the same time and never was charged or paid a dime in interest either on the purchases or BT portion. I just calculate my total purchases for that month and whatever the amount is, I add it on to the regular minimum payment and that's what I pay. I think it's a wrong wording on Penfed's part.

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Thank you, thats what i thought.

However once you use a convenience check you are bound by that wrong wording as a binding contract.

[FinStar]

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@SUPERSQUID wrote:

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@AverageJoesCredit wrote:

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@SUPERSQUID wrote:

Hello everyone,

I know i have brought this up before but twice i called penfed and they verified if i take a bt and then make a purchase with the card the whole balance purchase and bt then are charged with monthly interest.

Because of that my PCR sits sock drawered because i presently have a zero pct bt with the card, its a shame because its a 2 pct cb card and my bt is less than 30 pct of my limit.

I just received 2 bt convenience checks for the card thursday. one is an offer for 12 months at zero and the other is 18 months at 0.99.

The following is the wording included in the offer.

" BY TAKING ADVANTAGE OF THIS OFFER, YOU WILL IMMEDIATELY BE CHARGED INTEREST ON ALL PURCHASES MADE WITH YOUR CREDIT CARD OR BALANCE BALANCE TRANSFER CHECKS UNLESS YOU PAY THE THE ENTIRE ACCOUNT BALANCE, INCLUDING BALANCE TRANSFERS, IN FULL EACH MONTH BY THE PAYMENT DUE DATE..

Word salad thats very perplexing.

---

This is true so that's why if you ant to use the card don't place a bt on it. The PCR fast became one of my favorite cards to use but when they offered a 18 month bt  at 0.99% I had to jump at it as the limit on my card would help my uti. I wish I could still use my PCR but  won't jeopardize  my promo rate. Good thing though is you can make those checks out to yourself and do what you need to do . Just remember when they cash those in your promo begins and you will have a 3% fee. 

---

Penfed advised me over the phone that they recommend card holders that use the card for bt's not use it for purchases otherwise interest will accrue on the whole balance.

Question, by the wording does that include using that convenience check offer?

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By default, the use of a BT convenience check is no different than any other BT method. It is still treated the same way. 

[mgood]

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@SUPERSQUID wrote:

Penfed advised me over the phone that they recommend card holders that use the card for bt's not use it for purchases otherwise interest will accrue on the whole balance.

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For that reason I did not pursue the SUB on one of the two Penfed cards I got last year. I got the Platinum and the PCR within a few days of each other. I used one for a BT and did not spend anything on it until the BT was paid off. The other I used normally and earned the SUB. IIRC that was $200 I left on the table, but that was less than what the interest would have potentially cost me.

[SUPERSQUID]

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@mgood wrote:

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@SUPERSQUID wrote:

Penfed advised me over the phone that they recommend card holders that use the card for bt's not use it for purchases otherwise interest will accrue on the whole balance.

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For that reason I did not pursue the SUB on one of the two Penfed cards I got last year. I got the Platinum and the PCR within a few days of each other. I used one for a BT and did not spend anything on it until the BT was paid off. The other I used normally and earned the SUB. IIRC that was $200 I left on the table, but that was less than what the interest would have potentially cost me.

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I got 3 cards in december that had subs and i only went for 2 of the 3

Penfed PCR, 100 for 1500 spend in 90 days, way way cheap, no way

Comenity rewards mastercard, 100 for 500 spend in 90 days, easy one, did it

NFCU Cash rewards, 250 for 2500 spend in 90 days, good deal, did it