PSECU Credit Card – Pros and Cons

Are you a business owner or entrepreneur seeking a reliable and cost-effective credit card solution? Look no further than the PSECU Visa Credit Card. This versatile card, issued by The Pennsylvania State Employees Credit Union (PSECU), offers a wide range of features and benefits tailored to meet the unique needs of businesses.

PSECU Credit Card

Whether you’re looking to streamline your company’s spending, manage cash flow more efficiently, or earn valuable rewards, the PSECU Visa Credit Card could be the perfect fit.

In this comprehensive guide, we’ll explore the key features, advantages, and potential drawbacks of this business credit card, helping you make an informed decision for your enterprise.

Benefits

The PSECU Visa Credit Card offers several key benefits for businesses:

Competitive Interest Rates – With a variable purchase APR of just 9.9%, this card has potentially lower interest rates compared to many business credit cards.
No Annual Fee – You won’t have to pay an annual fee to carry and use this card, saving your business money.
No Foreign Transaction Fees – When making purchases abroad or in foreign currencies, you won’t get charged extra fees, making this card great for international business.
Accepted Worldwide – As a Visa card, it is accepted virtually everywhere that takes Visa.
Helps Build Business Credit – Making on-time payments with this card can help build your business’s credit profile and score.
Online Account Management – Easily track purchases, payments, and statements through online banking.
Fraud Protection – Visa provides fraud monitoring and zero liability protection against unauthorized charges.

Features

Some of the key features of the PSECU Visa Business Credit Card include:

EMV Chip Technology for enhanced security when making payments.
Mobile Wallet Compatibility – Can be added to Apple Pay, Google Pay, Samsung Pay and the PSECU mobile wallet.
Cash Access – Ability to get cash advances from surcharge-free ATMs worldwide with no cash advance fee.
Balance Transfer Option – Move higher-interest balances to this low 2.9% APR card and save on interest charges.
Authorized User Cards – Get employee cards and earn rewards from their business purchases (no rewards program currently).
Detailed Statements – Itemized statements make tracking expenses easier for accounting/taxes.
Email or Text Alerts – Set up custom alerts for account activity, payment reminders and more.

Rates, Costs, and Fees

Purchase APR:9% variable
Balance Transfer APR:9% variable
Cash Advance APR:9% variable
Annual Fee: $0
Foreign Transaction Fee: $0
Balance Transfer Fee: $0
Cash Advance Fee: $0
Late Payment Fee: Up to $20
Over-Limit Fee: $0

Pros and Cons of the PSECU Visa Credit Card

Pros:

Potentially lower-than-average purchase APRs
No annual fee
Considers applicants with fair credit
No foreign transaction fees

Cons:

Does not offer a signup bonus
Does not offer rewards or cash back
No introductory APR offer

Eligibility and Application Process

To apply for the PSECU Visa Credit Card, businesses must meet certain eligibility criteria. While the credit union does not publicly disclose all requirements, it is generally recommended to have a fair or better credit score, typically above 600.

The application process can be initiated online through PSECU’s website or by visiting a branch location. Applicants will need to provide information about their business, including legal structure, financial details, and personal information for the business owner(s) or authorized representatives.

How to Apply

How do I qualify for a PSECU Business Credit Card?

To be eligible for the PSECU Business Credit Card, you must fulfill the following requirements:

Be an existing PSECU member. Membership with PSECU is typically open to individuals who:

Live, work, worship, or attend school in specific communities
Have an existing relationship with certain organizations

Have an active PSECU Business Account in good standing. This account is designed for:

Sole proprietorships
Partnerships
Corporations
Other business entities

Meet PSECU’s established credit guidelines for business credit card approvals, which may consider factors such as:

Your business’s credit history
Income
Existing debt obligations

When you meet these requirements, you can apply for the PSECU Business Credit Card, which can help streamline your business finances, track expenses, and manage your company’s cash flow more efficiently.

Tips to Activate the Card

Once your new PSECU Visa Business card arrives in the mail, locate the sticker with the activation instructions.
Call the toll-free number listed on the sticker.
Follow the automated prompts to activate the new credit card.
For security, you’ll need to provide the credit card number and other verification information.

How to Login Online

Visit https://www.psecu.com
Click “Login” at the top right corner
Enter your PSECU Online Banking username and password
View your credit card account details under “Account Services”

Forgotten Login Details

If you forget your PSECU username or password:

On the login page, click “Forgot Username” or “Forgot Password”
Follow the prompts to recover/reset your credentials
Call 800.237.7328 for assistance from PSECU

How to Make Payments

There are multiple ways to make a payment to your PSECU Business Visa account:

Online at psecu.com through online banking
By phone at 800.237.7328
By mail to the payment address
At any PSECU branch location
Transfer from another PSECU account
Set up automatic payments from your bank account

PSECU recommends making at least the minimum payment by the due date to keep your account in good standing.

How to Manage Your Business Expenses with the PSECU Visa Credit Card

One of the primary advantages of the PSECU Visa Credit Card is its ability to help businesses better manage their expenses and cash flow. By putting company charges on the card, businesses can easily review and track all their expenses at a glance through monthly or fiscal year e-statements. This level of transparency and organization can be invaluable for budgeting, tax preparation, and financial planning purposes.

The PSECU Visa Credit Card offers cash advances from thousands of surcharge-free ATMs, with no cash advance fees. This feature can provide businesses with quick access to funds when needed, without incurring unnecessary charges.

Integrating with Mobile Wallets

The PSECU Visa Credit Card is compatible with popular mobile wallets such as Apple Pay, Google Pay, and Samsung Pay, as well as the PSECU Wallet for Android devices. This integration allows for seamless and secure mobile payments, catering to businesses that prioritize convenience and embracing modern payment technologies.

Low-Rate Balance Transfers

For businesses carrying higher-rate credit card balances, the PSECU Visa Credit Card offers the opportunity to transfer those balances and benefit from its low 2.9% APR for balance transfers. This feature can help businesses save money and streamline their debt management strategies.

Conclusion

The PSECU Visa Credit Card presents a strong value proposition for businesses seeking a reliable and cost-effective credit card solution.

With its competitive APRs, no annual fee, and no foreign transaction fees, this card can help businesses streamline their spending, manage cash flow more efficiently, and save money on international transactions.

While it may not offer a rewards program or signup bonus, the PSECU Visa Credit Card’s other features make it a compelling choice for businesses prioritizing affordability and straightforward credit card management. Ultimately, by considering your business’s specific needs and comparing various options, you can determine if the PSECU Visa Credit Card is the right fit for your enterprise.