Credit Card

Cornerstone Community Federal Credit Union's filed agreement for Credit Card discloses a 8.9% purchase APR and a 14.9% penalty rate. The purchase rate sits at roughly the 3rd percentile of the 4,587 agreements indexed here.

The disclosed terms

What follows is drawn entirely from Cornerstone Community Federal Credit Union's CFPB filing for Credit Card. It is issued on the Visa network and the filing runs two pages.

The filing is explicit about 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.

Where the purchase APR sits

Set beside the rest of the index, the purchase APR of 8.9% lands at the 3rd percentile; it lands at the extreme low end of the filings.

What the rate means in dollars

The purchase rate turns a $1,200 revolving balance into roughly $112 of annual 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 $183 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.

Where the fees are

Taking cash against the card means a cash advance APR of 9.9%. Cash is therefore 1 points dearer than buying something with the card.

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

Spending abroad costs an extra 1% — about $15 on $1,500 of purchases, independent of interest.

When a payment is late

If the account defaults, the filing permits a rate of 14.9%. Among disclosing agreements here that ranks near the 4th percentile.

Measured in money, moving from 8.9% to 14.9% costs an extra $135 or so annually on $2,000 — a far larger number than any single late fee.

Late payments are capped at $25 under this filing, about the 32nd percentile of late fee maximums in the corpus.

Grace period and minimum charge

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing.

Against the rest of Cornerstone Community Federal Credit Union's filings

This is one of 14 Cornerstone Community Federal Credit Union agreements collected here. The issuer's own range is 7.9%–9.9%. At 8.9%, this agreement is dearer than 3 of its siblings.

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.

Where the authority sits

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

8.9% places this filing at the inexpensive end of the set, which is the headline here.