Pennsylvania State Employees Credit Union
Is This Your Business?Author: Kaitlyn Short
LAST UPDATED: March 19th, 2021
The organization offers a full-featured portfolio of financial products to its members, including personal accounts, loans, business accounts, mortgages, and the choice between two credit cards.
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The Good
- No annual fee, balance transfer tee, foreign transaction fee, or cash advance fee
- PSECU Founder's Card offers 1.5 percent cash back
- Cash rewards never expire
- Free monthly credit score
No Annual Fee, Balance Transfer Fee, Foreign Transaction Fee, or Cash Advance Fee
Unlike many other institutions offering credit cards, PESCU does not charge its members any of the common fees above. The absence of these fees can save cardholders hundreds of dollar per year, especially if they typically travel internationally, perform balance transfers, or receive cash advances against the credit limit of their cards. Those considering performing balance transfers, should be aware that the absence of balance transfer fees does not mean that there are no interest rates charged for the transferred balances. These transferred funds are billed at an APR for the PSECU Classic Visa with a 2.9 percent APR, and for the PSECU Founder's Card with a 3.9 percent APR.PSECU Founder's Card Offers 1.5 Percent Cash Back
PSSECU has recently added a rewards card to its portfolio, the PSECU Founder's Card. This card pays its members 1.5 percent cash back on all of their purchases. This card has an initial variable APR starting at 12.9 percent.Cash Rewards Never Expire
Cash rewards earned for purchases with the PSECU Founder's Card never expire and are accumulated for the member to redeem at any time.Free Monthly Credit Score
Unusual to many similarly-sized credit unions, PSECU members receive a free monthly credit score. The organization does not disclose whether this is a FICO® score or one that uses other organization's information.The Bad
- Higher initial APRs than those offered by many similar institutions
- Limited number of credit cards
- No rewards cards offered
Higher Initial APRs Than Those Offered by Many Similar Institutions
PSECU offers initial interest rates for both of its cards with an initial APR than many of its competitors, similarly-sized credit unions. While many credit unions offer initial APRs with rates as low as 6 to 8 percent, PSECU's cards have initial APRs that are more in line with those offered by larger banks for their cards - 9.9 percent PSECU Classic Visa and 12.9 percent for the PSECU Founder's Card.Limited Number of Credit Cards
Many credit unions have several cards from which their members can choose, with multiple benefits, such as point rewards, secured, or student cards. PSECU only offers its members a choice between two cards. This limits member choices, and those wanting to earn travel or merchandise rewards must take their business to another institution, usually paying a higher interest rate than those available from credit unions.No Rewards Cards Offered
As stated above, there is no choice for members wanting a traditional points-for-purchase rewards card. The credit union recently added its Founder's Card to its portfolio, giving members an additional option, but the absence of other options for rewards cards is significant. Most credit unions offer their members a choice between cash back or points in their rewards cards.The Bottom Line
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