Share Secured opening

Share Secured opening, as filed by Alero Financial Credit Union, carries a 9.9% purchase APR. The purchase rate sits at roughly the 5th percentile of the 4,587 agreements indexed here.

On the face of the filing

Alero Financial Credit Union submitted the terms for Share Secured opening to the CFPB's agreement database; this is what they contain. The filing runs two pages, and It is issued on the Visa network.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, a late payment maximum and a grace period. No figure appears for a penalty rate, an annual fee line and a foreign transaction fee.

A secured agreement

Secured cards work against a deposit held by the issuer. The rate and fee figures summarised here say nothing about the size of that deposit or the terms attached to it, both of which are matters for the agreement text itself.

For context, the 9.9% purchase rate lands around the 5th percentile of all the agreements on this site, which is the useful comparison regardless of the deposit.

Where the purchase APR sits

The purchase APR of 9.9% places this agreement around the 5th percentile of the set — it is among the very cheapest figures in the whole set.

Translating the rate into money

A $5,000 balance left untouched for twelve months accrues about $520 in interest at this purchase rate.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $709 annually against that benchmark.

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.

Charges beyond interest

For cash advances the filing discloses a cash advance APR of 9.9%.

The filing discloses a 9.9% balance transfer rate without an accompanying fee figure.

Penalty pricing and late fees

The maximum late fee is $39 — roughly the 63rd percentile of the late fee ceilings disclosed across this index.

Grace period and minimum charge

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

Inside Alero Financial Credit Union's filed lineup

Alero Financial Credit Union has 13 agreements indexed on this site.

The limits of this document

Absent from the captured terms: an annual fee, a foreign transaction fee and penalty pricing. The original document is the place to look for any of these.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Go to the source

Everything here is a reading of the filed agreement, two pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

9.9% places this filing at the inexpensive end of the set, which is the headline here.