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The Verdict: If you’re a resident of Pennsylvania, and a member of PSECU — otherwise known as the Pennsylvania State Employees Credit Union — you have the opportunity to apply for the PSECU Visa Credit Card. And this is an opportunity you should take, especially if you’re the kind of consumer who regularly carries a credit-card balance. The PSECU Visa Credit Card comes with low purchase interest rates, rates low enough to keep your monthly credit-card balance from growing too quickly.
Overview: Like many credit union credit cards, the PSECU Visa Credit Card is best known for its low purchase interest rate. This rate is far below what you will normally find with mainstream credit cards.
How This Card Works: Because the PSECU Visa Credit Card is a standard credit card, you won’t receive any rewards points or cash-back bonuses when using it to purchase items. The card, though, does come with a significant bonus: Until Dec. 31, 2012, all balance transfers with come with an interest rate of just 2.90 percent. After this promotional period ends, the interest rate on balance transfers will adjust to a still reasonable 9.90 percent.
Travel & Shopping Benefits: Because this is not a rewards card, the PSECU Visa Credit Card does not come with many shopping or travel benefits. It does, however, provide you with vehicle rental coverage and discounts offered through Visa itself.
Fees: The fees are where this card stands out from its competitors. In addition to the 2.90 percent balance-transfer interest rate, the card comes with a low purchase interest rate of 9.90 percent. This is far better than the interest rates attached to most mainstream credit cards. The card also comes with no annual fee, no cash-advance fee no over-the-limit or returned-payment fees. The card’s late-payment fee can run as high as $20.
- Low balance transfer interest rate offer.
- Low purchase interest rate.
- No annual fee.
- No rewards program.
- Must be member of PSECU to apply for this card.