Penfed cards used like a ploc

[Anonymous]

Has anyone used their penfed cards like personal lines of credit?  I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day...  before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

[rostrow416]

I think that's common with credit union cards.  For my Purdue FCU card, I actually have a bank account number (not the cc #) listed online for it. 

I've never done it, but under transfers, my savings and credit card account are both listed as eligible to transfer between.

[Anonymous]

Lots of credit unions seem to be pro cash advance. DCU, AOD, and SSFCU give me my full limit available for cash advance and NFCU gives me 30% with 2% higher interest. DCU and NFCU have no fees for cash advances while AOD charges 1% with a $25 cap and SSFCU charges 2% with no cap. DCU and NFCU also make it very easy to use cash advances with direct transfer functionality between your deposit accounts and credit cards.

I haven't really heard much in the way of AA with credit unions period but especially not for responsible usage of cash advances. The interest income from them let the credit union offer lower rates elsewhere and it seems like CU underwriting takes into account those limits. For example AOD, SSFCU, and DCU are known to be more conservative with limits but when you line up my $5700 cash advance limit on my NFCU Platinum next to my $4500 limit on my DCU Platinum, $5K limit on AOD, or $5K limit on SSFCU, they're all much closer to each other. I suspect if NFCU allowed 100% as well, my limit would be closer to what I have with the others. 

Banks are weird about it. You have Disco with their cashover feature that encourages the use of small amounts of cash advances (up to $120 per day) at cash registers but most banks make it clear they want nothing to do with them by the insane APR and minuscule limit. 

[805orbust]

Oh I love using cc'ds in wacky ways like that. I am all about that. The flexibility and protection from harm it provides alone is worth its weight in Gold imho. Great idea.

[Openwater]

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@Anonymous wrote:

Has anyone used their penfed cards like personal lines of credit?  I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day...  before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

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I had no clue, don't really need it, but a great tip to keep in mind. Thanks!

[Anonymous]

Ya I've heard most of them don't mind these but I guess over the years I had to see to believe so to say lol like penfed really really doesn't mind lol it's really nice to know they don't mind them like sometimes I'll transfer to checking pay off all my balances keep the promise only reporting a balance and pay the small 10 bucks tops in interest lol one night bought took 1000s from the casino cage and never batted any eye lol 

[Anonymous]

and btw they gave me another credit card a week after pulling 3k from the promise straight to checking from savings lol don't be scared y'all lol if you're on that once a year vacation and can pay it off in 6 months for example just do it lmao 

[Anonymous]

That's what I mean Saerenlol penfed promise I've literally taken out over the last 2 years all cash advances literally not a purchase, never an issue, the community doesn't have to fear lol

[AverageJoesCredit]

One reason i love the CU is the ones that allow this dont frown upon it while banks that always flaunt the feature scorn you if you do. Dont highly advertise a cc feature if you dont want people to use it imo.

[SouthJamaica]

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@Anonymous wrote:

Has anyone used their penfed cards like personal lines of credit?  I'm sure a lot of people know but they allow you to take up to 5k a day transferred to savings and then to a bank account per card. Been doing this for years, I've also done "credit risky" transactions like buying crypto and taking cash advances at casinos for years, sometimes same day...  before you judge I've paid it all back lmao just want the community to know they don't mind these types of transactions and if you really needed cash Penfed had your back. Promise card for 2 years has only been used as for cash advances no adverse action and even gave more credit lol. Thoughts or similar experiences welcome lol

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My experience with PenFed is that if you transfer from the credit card to a deposit account it's treated as a cash advance, with a very high interest rate.

Whereas, if I do a balance transfer from the PenFed Promise card, it's at a very low interest rate.