As a followup to my recent post about PenFed credit card offers, as well as the list of balance transfer credit cards which reviewed the best current balance transfer credit card offers, I wanted to highlight an e-mail that I recently received from PenFed regarding their transfer fees…
It seems that they’ve decided to waive the balance transfer fee associated with several of their cards, including the PenFed Premium Travel Rewards American Express Card and the PenFed Visa Platinum Cash Rewards Card. While none of their cards offer 0% on balance transfers, they’re still a pretty good deal.
In addition to the waived fees (normally 2.5% up to $100), both cards offer a 24 month promo period with a balance transfer rate of 4.99%. Like I said, not as good as 0%, but 24 month offers are almost unheard of, and 4.99% is still a great deal compared to the much higher rates that most card issuers are charging.
This rate is also significantly better than you can get from alternative lending sources such as Lending Club. Just keep in mind that this is a time-limited promo, expiring on June 30, 2010.
4 Responses to “No Fee Balance Transfers from PenFed”
Steve: I’m not sure how PenFed handles their balance transfers. I know that some card issuers provide balance transfer checks that you can use to pay off your high interest debt elsewhere, effectively transferring it to your new card. In that case, you could write the check to your mortgage lender, but you’d then have to pay it off within the next 24 months, and I doubt the 4.99% is much better than you’re already paying on your mortgage.
I would love to recommend this to some of my friends but PenFed has very high credit rating standards. Needless to say, my friends who are the most in need only have middle tier credit (high 600s) and probably won’t qualify.
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