PSECU has improved their founders credit card. You can get 1.5% cash back on all purchases and an additional 0.5% cash back on all purchases by having a checking account and receiving a qualifying direct deposit of at least $500. This is similar to the USAA Limitless card but that offers 2.5% cash back if you receive a direct deposit of at least $1,000. This new PSECU card isn’t worth considering given that other credit cards offer 2%+ cash back with no requirements but it does signal more competition in the market and hopefully that causes the bigger players to improve their rewards.
Hat tip to reader Harv
Posted, thanks https://www.doctorofcredit.com/psecu-credit-card-300-signup-bonus/
I get 2% cash back on everything (including Walmart) with no rewards cap and no minimum needed to redeem.
Has anyone opened a checking account with them for the $150 bonus and can provide any info on what counted as a DD? They are not listed on DoC’s master list of what banks count as DDs.
The PSECU Founders Card gives a 1.5% cashback bonus. You get an extra 0.5% bonus on this card if you receive $500 direct deposit per month into checking. PA residents not meeting eligibility requirements can become a CU member by becoming a member of PA Parks & Recreation for $20, which the CU then credits back to you $5. PSECU is based in Harrisburg and has NO walk-in branches. This 2% cashback combo may be of interest to those who prefer not to support big banks and their agendas. I became a member 2 years ago to take advantage of a lower rate on a balance transfer, but have added other products over time. I added the 1.5% card when it came out in January, and just added a checking account and direct deposit, after receiving an email from them about their new 0.5% bonus. The checking account is free, and some of the check styles are free, This credit union pays back money at the end of the year based on usage. They pull on Experian.
Also consider Blispay’s 2% card: 2% cashback as a statement credit, No af, open to anyone, free 6-months financing on all purchases over $199. https://blispay.com
What is the point of this card when there is DoubleCash?
I think they credit the 2% back to your account each statement, so no need to have the (I believe) $25 minimum to cash in that is necessary for the Citi Double cash. On a side note, PSECU is an amazing bank. I’ve been with them since my first paycheck in 2008. They offer atm reimbursement (limit of $15 now I believe), when you deposit money, it instantly goes onto your account. I’ve deposited money orders with my phone and they were instantly applied and available to me. One more feature they offer is Free Checks, you just order how many boxes you want, and they send them to your house for free. Customer service is amazing as well, had an overdraft fee removed just by calling and asking. Rates are not the greatest so most of my money is with CCU, but PSECU I still use a lot.
Thank you.
I just think having a combination of DoubleCash CC that has 2% without any checking account or DD requirements ($1000!) and Alliant checking is better.
I think this is more useful for people who already have PSECU checking account looking for a new CC to open.
CCU = Consumer Credit Union?
Yep, psecu is great as a bank overall, but I had like 20k parked in there earning 0.1% or something like that. So i moved it all over to CCU.
Citi shut my DC card down so, this might be an option for others in the same boat as me.
They’re copying PenFed and the Power Cash Rewards card:
https://www.penfed.org/Power-Cash-Rewards/?WT.ac=A2276
PSECU seems very popular on other discussion boards for a few reasons, but it seems pretty restricted to PA residents only. I actually take a couple of classes at one of their member colleges online, so I emailed them to see if I was eligible. I’ll update when I hear back from them!
Update:
Apparently you can be out of state, and join if you’re a student at one of the eligible schools:
“Thank you for contacting PSECU.
You would be eligible as an online student, but will be required to provide documentation such as a course schedule.”
The PenFed card doesn’t require direct deposit if you simply leave $500 in a checking account.