Secured Credit Card Account Opening Disclosure Statement and Agreement

Armed Forces Bank's filed agreement for Secured Credit Card Account Opening Disclosure Statement and Agreement discloses a 20.99% purchase APR and a $39 annual fee. That purchase rate ranks near the 45th percentile across this corpus of 4,587 filings.

What the document actually states

Armed Forces Bank submitted the terms for Secured Credit Card Account Opening Disclosure Statement and Agreement to the CFPB's agreement database; this is what they contain. The filing runs ten pages.

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

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.

Securing the line has not placed this agreement at the bottom of the market — 20.99% ranks near the 45th percentile across every filing indexed here.

The purchase APR against the corpus

Set beside the rest of the index, the purchase APR of 20.99% lands at the 45th percentile; it is about typical for the filings collected here.

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.

Translating the rate into money

At the disclosed purchase APR, $1,200 revolving for a full year costs something like $280 in interest.

The corpus median purchase rate is 21.99%, which on the same $1,200 would cost about $295 a year. This filing saves roughly $15 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.

Penalty pricing and late fees

On the fee side, a late payment can cost up to $25, which is around the 32nd percentile here.

What the card costs before you borrow

$39 a year is the disclosed annual fee, which ranks near the 86th percentile of the fees filed across this corpus.

One way to size that fee: at the card's own purchase rate of 20.99%, $39 is roughly the interest a balance of about $186 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

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 20.99%. Advances under roughly $250 are charged the flat $5; larger ones are charged 2%.

The filing discloses a 20.99% balance transfer rate without an accompanying fee figure.

Inside Armed Forces Bank's filed lineup

4 separate Armed Forces Bank filings appear in the corpus. Their disclosed purchase rates run from 9.99% to 25.99%, and this one at 20.99% is more expensive than 2 of them.

What the filing does not tell you

This page cannot tell you a foreign transaction fee, a grace period and penalty pricing, because the filing's disclosure table as read does not contain them.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Reading the agreement yourself

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

In short

20.99% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. Against that sits the $39 annual fee, which is unavoidable once the account is open.