topic Re: PSECU PSL/Visa in Credit Cards

PSECU PSL/Visa

Anonymous — Mon, 21 Mar 2011 17:44:33 GMT

If you have a PSECU VISA/PSL combo and you utilize the PSL side, is this reported as revolving or as installment? If revolving, what is the advantage of using Visa vs PSL side?

Thanks in advance.

Re: PSECU PSL/Visa

Woolfman — Mon, 21 Mar 2011 20:55:15 GMT

APR of the Visa is lower. The PSL actually beside being a Double reporting of your CL makes no sense at all... There is no cash advance fees or higher apr for them on the visa. So why anyone would ever use the PSL over the visa is a mystery to me. But im not sure how the PSL reports. Maybe someone out there might be able to tell you. But honestly doubt many have used it

Re: PSECU PSL/Visa

Anonymous — Mon, 21 Mar 2011 21:40:50 GMT

OK, yeah, that is exactly what I was thinking. It's a real headscratcher. From the posts I've seen, the PSL will probably report as revolving. it is 12.9 APR and visa is 9.9. But, you can balance transfer 3.9 on Visa. So, I can't figure why one would use the PSL line vs the Visa?

Please, if anyone knows about the reporting (revolving v installment) it would be interesting. Also, when did they report your new credit lines after approval?

I plan on calling tomorrow, but just curious if anyone here has experience with PSL reporting.

Re: PSECU PSL/VisaU

JaseT — Tue, 22 Mar 2011 01:44:19 GMT

I have the PSECU $20k Visa/PSL Combo. Both the Visa and the PSL report as revolving. The only reason to have the PSL is for UTL.

Re: PSECU PSL/VisaU

Anonymous — Tue, 22 Mar 2011 14:19:57 GMT

Thanks for the info, Jase. That helps with my decision. I guess the util factor is a definite plus.

Re: PSECU PSL/Visa

Anonymous — Wed, 23 Mar 2011 21:36:44 GMT

Huh 12%? I got approved on the 21st and my rate is 9.90% for Visa and cash advance... they told me balance transfer is like 3%. I have my loan notes and I didnt see the 12% anywhere. What page is it on? Thanks.

Re: PSECU PSL/Visa

Anonymous — Wed, 23 Mar 2011 22:09:24 GMT

Yes, the Visa is 9.9, but if you borrow from the Personal Loan side, you will be charged at 12.9% for that line. BT is 3.9%. Obviously, it makes the most sense to use that combo line for BT only during the promo period (through the end of the year).

You can review the terms of the PSL at the following link ------> PSL terms.

Re: PSECU PSL/Visa

Woolfman — Wed, 23 Mar 2011 22:47:44 GMT

@Anonymous wrote:
Yes, the Visa is 9.9, but if you borrow from the Personal Loan side, you will be charged at 12.9% for that line. BT is 3.9%. Obviously, it makes the most sense to use that combo line for BT only during the promo period (through the end of the year).

You can review the terms of the PSL at the following link ------> PSL terms.

last i looked it was through Dec 2012 not 2011

This special 03.900% APR will expire Monday, December 31, 2012

Re: PSECU PSL/Visa

Anonymous — Wed, 23 Mar 2011 23:16:31 GMT

Wow - even better.

Also, should add that anyone that PIFs wouldn't be particularly concerned about the APR, but just in case anyone didn't realize that the PSL and Visa had different terms...

Re: PSECU PSL/Visa

Anonymous — Sun, 27 Mar 2011 12:11:20 GMT

This probably goes without saying, but I'll say it anyway. Be sure not to use the BT offer on any amounts that you think you might PIF. Using the Visa as normal gives you the usual grace period: e.g. if you PIF, you will pay no interest.

Using the BT option starts accruing interest immediately.

P.S. Does anyone know when PSECU will get around to reporting this new TL? Nothing yet....

Re: PSECU PSL/Visa

Anonymous — Tue, 24 May 2011 11:03:28 GMT

I wish I had seen this thread before I applied. I was approved for the PSL/Visa combo yesterday. I requested 10k and that's what I was approved for. Is the limit set as $5000 per each credit line? I obviously would rather use the Visa at this point and forget about the PSL...just wondering if the Visa will have a 10k limit or not? I got this to do BT on some accounts that have very high interest rates.

Re: PSECU PSL/Visa

android01 — Tue, 24 May 2011 13:08:18 GMT

@Anonymous wrote:
I wish I had seen this thread before I applied. I was approved for the PSL/Visa combo yesterday. I requested 10k and that's what I was approved for. Is the limit set as $5000 per each credit line? I obviously would rather use the Visa at this point and forget about the PSL...just wondering if the Visa will have a 10k limit or not? I got this to do BT on some accounts that have very high interest rates.

It should report as two separate TL's at $10,000 each. You can use up to 10K on either the Visa or the PSL, but not both.

Re: PSECU PSL/Visa

DI — Tue, 24 May 2011 17:47:17 GMT

Is PSECU like PenFed...wanting copies of check stub?

Re: PSECU PSL/Visa

cw81 — Tue, 24 May 2011 17:54:19 GMT

I think it depends on your profile I got instant approval for the 20k Combo about a month ago.

Re: PSECU PSL/Visa

Anonymous — Tue, 24 May 2011 22:10:03 GMT

I joined PSECU back in January and gave a copy of my paystub then. In March I applied for $7500 auto loan and was approved. So yesterday I decided to try for the combo and was approved for 10k. My EX with them is 612 and I make $25,000 year . So far I'm very pleased with them! I plan to consolidate about $5000 in cc debt with high interest and use the other $5000 for nothing