Does PenFed report as a credit card?

[expatCanuck]

Received approval from PenFed for a PowerCash card, but the approval .pdf states that I've been approved for a loan.

Does a PenFed card report as a loan?

(If so, I'm inclined not to finalize the transaction.)

[thornback]

Reports as a revolving credit card. PenFed refers all of their credit products (and, obviously, loans) as loans for whatever reason.

Congrats on your approval!

[SBR249]

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 

[Anonymous]

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@SBR249 wrote:

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 

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Why? It it to make cross-collateralization easier for th CU?

[SBR249]

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@Anonymous wrote:

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@SBR249 wrote:

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 

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Why? It it to make cross-collateralization easier for th CU?

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I honestly have no idea, possibly? I just know that I have applied for CC products with 4 credit unions so far and all of their CC e-docs say "loan document" on it. 

[Remedios]

My local CU calls cards loans, too.

Also, when I got their card, I activated it but did not use for approximately three months. They did not report to CRAs during that time period. Once I made the first charge, they reported it, with the date of first use as open date. 

[FinStar]

A credit card is technically a revolving loan origination. Keep in mind that a variety of FIs and CUs have security agreements in place to any revolving credit product.

By and large, a CC is a loan on plastic.

[AverageJoesCredit]

If you close a PF cc, Ex will report it as loan closed lol.