PSECU PSL/Visa

[Anonymous]

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.

[Woolfman]

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

[Anonymous]

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.

[JaseT]

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.

[Anonymous]

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

[Anonymous]

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.

[Anonymous]

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.

[Woolfman]

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@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.

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last i looked it was through Dec 2012 not 2011

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

[Anonymous]

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...

[Anonymous]

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....