Problems with my Penfed account

For just about anything you want to get off your chest about credit cards.
4 posts
User avatar
bisbicos
Centurion Member
Centurion Member
 
Posts: 284
Joined: Sun Jul 17, 2011 12:38 am
Location: Newton, MA

Problems with my Penfed account

Postby bisbicos » Thu Jun 20, 2013 9:04 pm

I recently got a Penfed Platinum Rewards card. I love the 5% cash back on gas and the 3% on groceries. The problem im having is with a balance transfer I did back in March. The transfer was 0% APR for 18 months I transferred $3600 from a higher rate card. That means I have to pay a minimum of $183 a month to pay it off interest free. My first month balance was
Purchases: $232.51
Balance transfer minimum: $200

I paid $550 two days after my statement closed and for some reason I incurred interest. I called up to complain and ask why my payment which was made for more than my full statement balance incurred interest. They told me that their computer system did not put the payment toward my purchases completely and split if up between the balance transfers.

The same problem happened this month and I incurred interest, im not sure what steps to take next. From my understanding CC companies by law have to put a payment amount toward the highest APR account you have with them, then if there is remaining money the next lowest APR account gets credited.
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink


Gamma
Centurion Member
Centurion Member
 
Posts: 465
Joined: Sat Sep 15, 2012 1:15 am
Location: Los Angeles, CA

Postby Gamma » Thu Jun 20, 2013 10:15 pm

Did the whole balance tansfer amount accure interest? I had the same problem with my Citi card currently have a 0% promo and madea purchase. After the purchase posted, I immediately Paid that purchase amount plus my monthly balance. I got hit with interest next cycle and called in about it. They credited my account 2 days later. Best just to not make purchases on it to avoid this problem.

User avatar
bisbicos
Centurion Member
Centurion Member
 
Posts: 284
Joined: Sun Jul 17, 2011 12:38 am
Location: Newton, MA

Postby bisbicos » Thu Jun 20, 2013 10:19 pm

The balance transfer has 0% Apr for the next 15 months. Penfed also agreeded to refund the interest (only $1.05) but its still the principel. I don't pay interest on any card
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

Gamma
Centurion Member
Centurion Member
 
Posts: 465
Joined: Sat Sep 15, 2012 1:15 am
Location: Los Angeles, CA

Postby Gamma » Thu Jun 20, 2013 10:47 pm

I don't think their computers are set up right. I believe if you continue making purchases while you have that balance on there, you will continue to accure interest. Keep your eye next statement and see what happens.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 3 guests