Question about Penfed billing for new account

[John Galt III]

I recently established a new account with Penfed, to obtain a 3% CD. The cost to enroll was a $15 donation and $5 to go into my newly established account. Total of $20, which is OK. I just have a problem with Penfed calling it a "cash advance". I was expecting just to have a basic $20 "purchase" transaction on my cc statement, not a "cash advance". My credit card is charging me a $5 fee for the "cash advance". Not a huge amount of money, but very annoying.

Anyone else have this "cash advance" on their cc bill for enrolling, and were you expecting it?

Thanks,

JG 3

[REWahoo]

Not sure about the $15 donation, but that $5 deposit wasn't a purchase, it was cash to establish an account - correctly characterized as a cash advance from your CC.

[John Galt III]

Thanks for the response, REWahoo.

[tulak]

The same happened to me many years ago when I first joined PenFed. It was so long ago, I don't remember if I did anything more than complain. I most likely chalked it up to lesson learned.

[John Galt III]

Quote:

Originally Posted by kiki The same happened to me many years ago when I first joined PenFed. It was so long ago, I don't remember if I did anything more than complain. I most likely chalked it up to lesson learned.

Yep. One more thing for me to put on the list of gotchas to ask about.

[jetpack]

Hmm, I'm looking over my bill when I signed up in December. I put $10 in, my capital one visa card charged me no fee or interest relating to that transaction. I guess it depends on your card?