Penfed Platinum Cash Rewards Card

Klink, I have found that each institution does the Bill Pay setup differently and treats each payee differently, so unfortunately there is no consistent approach.  Some institutions send the payment electronically to one payee, but send a check to others.   

Here is what I suggest: 

1.  Call PenFed and tell them you are setting them up for BillPay with your institution.  Ask for the full address where payments should be sent, as well as the phone number the institution can call if there are questions about the payment.  The address is most likely the "remit to" address on your statement, but double check.  The phone number info is sometimes optional in the set up process, but you might as well have the info handy.  Many times the phone number is the same as the Customer Service number. 

2.  Go to the institution you wish to BillPay from and set up PenFed as a payee.  "Pentagon FCU credit cards" was already set up as a payee at the institution I use sometimes, so all I had to do was provide my credit card account number, and I was able to send a payment immediately.   Had it not already been established, I would have set it up using the information from step 1 and my credit card number. 

3.  Once you have completed the setup, make a small payment (example:  $1.00) to test the setup.  You'll want to note when you requested it, when it is scheduled to be delivered, and then note when it was actually posted to your account at PenFed.  That will give you some idea of how long the process takes so you can plan for future payments accordingly.

The “it could take up to 5 days to post” is because PenFed has to process the payment internally once your bank hands it off to them.  Fortunately PenFed posts the payment to your account as soon as it is received.

When you set up the BillPay, you will be given a confirmation number for the transaction as well as an expected date when the payment will be delivered to PenFed.  Be aware that the actual posting date may lag by a couple of days, so you should take that into account when you are scheduling the BillPay. 

Here is a second possibility:

If  you wish to use the BillPay method simply so that you have control over when the payment is made, another option is for you to initiate a transfer from your checking account directly to the PenFed credit card.   Once you log in, under Accounts, look for the “Transfer Funds” box on the right hand side.  Under the green “Place Transfer”, you will see “Transfer options”.  Click on the “+” sign to open, then on “Add non-PenFed accounts”.  At the next window, enter a nickname for your acct (“My acct at BigBank”), the account type (checking/money market or savings), the account number, and the routing number for your institution.  Click “verify”.  At the next window, select “set up for incoming transfers only”, then click “submit”.  

When you want to make a payment, go to the “Transfer Funds” box,  open the drop down box and you should be able to select the institution you just set up as the “from account”.  Then select the  credit card account you wish to pay as the “to account”.  Enter the amount, click on “place transfer” and follow the prompts.     You may wish to note the confirmation number and details for your records.

As a point of reference, I used this method to pay my PenFed bill for the cycle which closed 2/18.  I scheduled the payment on Friday 2/15 to post that day.   The statement showed that PenFed indeed posted the payment to my account on 2/15,  although it did not clear my bank until Wednesday 2/20. 

Hope that helps.

Klink, I did not see that your second post until after I had posted my reply.  Does it agree with what PenFed told you?

klink,

Doesn't your Penfed credit card have an autopay function under which the card will automatically deduct the amount of your monthly statement on the statement's due date from any bank or credit union you designate? Every credit card I have has such a function and that's how I pay all my credit card bills.

I have a Pen Fed card.  They deduct the card each month from my account. I have done this for many years. If I remember you can choose minimum payment, payment in full, or a set amount.  I believe that you are protected more if you have the instituion that is owed the money request the money on the due date.  If they change the date the payment is due and you have set up bill pay on a particular date you could have a late fee. This happened to someone I know with one of the big banks and they raised her interest rate. She had her account set up to pay a particular date each month and they changed the date and she did not notice it. 

I use Bank of America bill pay for this card.  It has not been a problem at all.  I think I have been doing it for 2+ years.

When I click on the PENFED link, here is what BAC says about the address used:

Most payments to this company are sent electronically. But if we need to send a payment through the mail, we'll send it to the address that the company has designated, so that they will receive the payment in the most efficient manner. This address may be different from the address you see in your bill.

The Boa Better Balance Rewards card incentivizes consumers for paying their regular bills on time and for throwing in a little more over their minimum charge.