Application Solicitation Disclosure CC

On the record for Application Solicitation Disclosure CC 06 1 2023: a 13.65% purchase APR and a 19.65% penalty rate, filed by 1st United Credit Union. That purchase rate ranks near the 11th percentile across this corpus of 4,587 filings.

What the document actually states

1st United Credit Union submitted the terms for Application Solicitation Disclosure CC 06 1 2023 to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs two pages.

On the record here: 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.

How the purchase rate compares

Measured against every other filing on the site, 13.65% is about the 11th percentile for purchase APR; it is comfortably below what most issuers filed.

The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.

Translating the rate into money

Put $5,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $731.

Priced at the median of 21.99%, that balance would generate about $1,229 in a year — so this agreement comes in around $498 cheaper for the same debt.

Broken down to a single thirty-day cycle, the same balance accrues roughly $56.40.

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.

The no-interest path

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest.

The downside terms

If the account defaults, the filing permits a rate of 19.65%. Among disclosing agreements here that ranks near the 26th percentile.

Measured in money, moving from 13.65% to 19.65% costs an extra $71 or so annually on $1,000 — a far larger number than any single late fee.

Late payments are capped at $10 under this filing, about the 6th percentile of late fee maximums in the corpus.

Fees, and what triggers them

For cash advances the filing discloses a cash advance fee of $5 or 2% of the advance, whichever is greater and a cash advance APR of 13.65%. $250 is the crossover point where the percentage overtakes the $5 minimum.

Balance transfers cost $5 or 2% of the amount transferred, whichever is greater up front and then accrue at 13.65%. Transferring $5,000 would cost roughly $100 at the door.

The filing sets a 2% foreign transaction fee, which adds roughly $40 to $2,000 spent outside the United States.

The issuer's other agreements

1st United Credit Union has 37 agreements indexed on this site. Their disclosed purchase rates run from 9.4% to 20.4%, and this one at 13.65% is more expensive than 2 of them.

What is outside the disclosure

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.

Reading the agreement yourself

This summary stands or falls on the linked PDF — two pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

13.65% places this filing at the inexpensive end of the set, which is the headline here.