Mastercard Platinum Preferred

Mastercard Platinum Preferred, as filed by Bayport Federal Credit Union, carries a purchase APR of 11.49%–18%, no annual fee and a 0% opening rate. Against the 4,587 filings on this site, that rate lands around the 34th percentile.

What the agreement puts on the record

Bayport Federal Credit Union submitted the terms for Mastercard Platinum Preferred to the CFPB's agreement database; this is what they contain. It is issued on the Mastercard network and the filing runs three 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. A penalty rate is not stated.

One important caveat sits on top of everything else here: the rate table in this filing covers more than one product. Figures shown on this page may belong to a sibling card in the same table rather than to this one, and only the PDF can settle which row applies.

The interest-free window

The filing discloses a 0% introductory rate, though it does not state how long the promotional period runs.

About 458 agreements in this corpus carry a zero-percent opening rate; this is one of them.

Once the introductory period ends the rate becomes 18%, which turns a lingering $5,000 balance into approximately $986 of annual interest.

The purchase rate in context

The purchase APR is quoted as a range of 11.49% to 18%. That 6.51-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

The floor of that band sits at about the 15th percentile of filed purchase rates; the ceiling sits at about the 34th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

What a balance actually costs

A $1,500 balance left untouched for twelve months accrues about $296 in interest at this purchase rate.

The corpus median purchase rate is 21.99%, which on the same $1,500 would cost about $369 a year. This filing saves roughly $73 annually against that benchmark.

Broken down to a single thirty-day cycle, the same balance accrues roughly $22.35.

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.

Where the fees are

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

Taking cash against the card means a cash advance APR of 11.49%.

Moving a balance onto this card carries an up-front charge of $5 or 5.99% of the amount transferred, whichever is greater, with the transferred balance priced at 11.49%. Shifting $3,000 across attracts something like $180 in fees on day one.

The filing sets a 1.1% foreign transaction fee, which adds roughly $17 to $1,500 spent outside the United States.

When a payment is late

The maximum late fee is $20 — roughly the 17th percentile of the late fee ceilings disclosed across this index.

The grace period

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

The limits of this document

Absent from the captured terms: 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.

Against the rest of Bayport Federal Credit Union's filings

6 separate Bayport Federal Credit Union filings appear in the corpus. The issuer's own range is 18.99%–20.49%. At 18%, this agreement is dearer than 0 of its siblings.

Go to the source

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

In short

The pricing here is middling by the standards of the index — 18% on purchases is near enough to typical. The absence of an annual fee means the rate is the only thing that can make this card expensive. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.