Application Solicitation Disclosure

On the record for Application Solicitation Disclosure: a purchase APR of 12.65%–20.4% and a 16.4% penalty rate, filed by 1st United Credit Union. That purchase rate ranks near the 43rd percentile across this corpus of 4,587 filings.

On the face of the filing

1st United Credit Union filed this agreement for Application Solicitation Disclosure with the Consumer Financial Protection Bureau. The filing runs two pages, and It is issued on the Visa network.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and a late payment maximum. No figure appears for an annual fee line.

This document discloses several products inside a single rate table. That means the numbers below are the ones the table contains, not necessarily the ones attached to this particular card — the filing itself is the only way to tell them apart.

The purchase rate in context

This is a tiered agreement: the filing discloses a purchase APR anywhere from 12.65% to 20.4%, a spread of 7.75 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 21st percentile and the high end around the 43rd — the band straddles a wide stretch of the market this corpus describes.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

What the rate means in dollars

Put $1,500 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $339.

Measured against the 21.99% corpus median, the same $1,500 costs approximately $29 less per year here.

These figures are arithmetic on the disclosed rate, not a quote: they assume the balance is never reduced, ignore any payments, and take no account of fees charged separately.

What the card costs before you borrow

Cash advances carry a cash advance fee of $5 or 3% of the advance, whichever is greater and a cash advance APR of 10.4%. Advances under roughly $167 are charged the flat $5; larger ones are charged 3%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 10.4% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 2%. On $1,500 of overseas spending that is $30, charged on top of whatever exchange rate applies.

What a missed payment costs

If the account defaults, the filing permits a rate of 16.4%. Among disclosing agreements here that ranks near the 6th percentile.

On the fee side, a late payment can cost up to $10, which is around the 6th percentile here.

The grace period

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

Inside 1st United Credit Union's filed lineup

There are 37 filings from 1st United Credit Union in this index. Their disclosed purchase rates run from 9.4% to 20.4%, and this one at 20.4% is more expensive than 5 of them.

The limits of this document

This page cannot tell you an annual fee, because the filing's disclosure table as read does not contain it.

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 filed PDF is linked from this page and runs two pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

20.4% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.