Application and Solicitation Disclosure

On the record for Application and Solicitation Disclosure: a 13.9% purchase APR and a 19.9% penalty rate, filed by 1st United Credit Union. The purchase rate sits at roughly the 12th percentile of the 4,587 agreements indexed here.

What the agreement puts on the record

1st United Credit Union submitted the terms for Application and Solicitation Disclosure to the CFPB's agreement database; this is what they contain. The filing runs two pages, and It is issued on the Visa network.

The filing is explicit about a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and a late payment maximum. An annual fee line is not stated.

The purchase APR against the corpus

Set beside the rest of the index, the purchase APR of 13.9% lands at the 12th percentile; it falls in the low band of the corpus.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The arithmetic of revolving

Put $2,500 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $373.

Priced at the median of 21.99%, that balance would generate about $615 in a year — so this agreement comes in around $242 cheaper for the same debt.

Month to month it reads as about $28.72 per cycle on that balance.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

Paying in full

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies.

What a missed payment costs

If the account defaults, the filing permits a rate of 19.9%. Among disclosing agreements here that ranks near the 26th percentile.

Measured in money, moving from 13.9% to 19.9% costs an extra $71 or so annually on $1,000 — a far larger number than any single late fee.

The maximum late fee is $10 — roughly the 6th percentile of the late fee ceilings disclosed across this index.

Where the fees are

Taking cash against the card means a cash advance fee of $5 or 2% of the advance, whichever is greater and a cash advance APR of 13.9%. The two halves of that fee cross at about $250: below it the flat $5 applies, above it the percentage does.

Moving a balance onto this card carries an up-front charge of $5 or 2% of the amount transferred, whichever is greater, with the transferred balance priced at 13.9%. Transferring $5,000 would cost roughly $100 at the door.

Spending abroad costs an extra 2% — about $60 on $3,000 of purchases, independent of interest.

Inside 1st United Credit Union's filed lineup

1st United Credit Union has 37 agreements indexed on this site. The issuer's own range is 9.4%–20.4%. At 13.9%, this agreement is dearer than 3 of its siblings.

What you cannot learn from the filing

Absent from the captured terms: an annual fee. The original document is the place to look for any of these.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

Where the authority sits

The original filing, 2 pages long, is linked on this page and should be read before any figure here is acted on. It is also a snapshot: issuers refile as terms change.

In short

At 13.9% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.