Credit Cardholder Agreement and Truth in Lending Disclosure

On the record for Credit Cardholder Agreement and Truth in Lending Disclosure: a 7% purchase APR and a $15 annual fee, filed by Credit Union 1. That purchase rate ranks near the 3rd percentile across this corpus of 4,587 filings.

The disclosed terms

Credit Union 1 submitted the terms for Credit Cardholder Agreement and Truth in Lending Disclosure to the CFPB's agreement database; this is what they contain. The filing runs five pages.

The filing is explicit about 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.

The purchase APR against the corpus

Ranked against the corpus, this purchase APR — 7% — sits at approximately the 3rd percentile and is lower than almost every other agreement here.

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.

The arithmetic of revolving

The purchase rate turns a $1,500 revolving balance into roughly $109 of annual interest.

Measured against the 21.99% corpus median, the same $1,500 costs approximately $260 less per year here.

Month to month it reads as about $8.65 per cycle on that balance.

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

Purchases carry a 21-day grace period: pay the statement in full inside it and the purchase rate never applies. That is shorter than the 25-day corpus median.

Default pricing

Late payments are capped at $30 under this filing, about the 49th percentile of late fee maximums in the corpus.

The fee structure

The annual fee is $15, charged whether or not the card is used. Against the filings here that disclose a fee, that sits at roughly the 77th percentile.

For scale, $15 is approximately what $214 of revolving balance would cost in interest over twelve months at this card's 7% rate.

A first-year waiver applies according to the document — the $15 begins biting in year two.

Cash advances carry a cash advance APR of 7%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 7% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 2%. On $2,000 of overseas spending that is $40, charged on top of whatever exchange rate applies.

Inside Credit Union 1's filed lineup

This is one of 3 Credit Union 1 agreements collected here.

The limits of this document

The disclosure parsed here does not state penalty pricing. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

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.

Reading the agreement yourself

The filed PDF is linked from this page and runs five pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

At 7% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. The $15 annual fee is charged regardless of use, so it is a cost that applies even to an account that never revolves.