Platinum Low Rate MasterCard Disclosure

The Platinum Low Rate MasterCard Disclosure filing from First Bank sets out a purchase APR of 9.15%–19.15%, no annual fee and a nine-month 0% opening period. Against the 4,587 filings on this site, that rate lands around the 41st percentile.

On the face of the filing

What follows is drawn entirely from First Bank's CFPB filing for Platinum Low Rate MasterCard Disclosure. It is issued on the Mastercard network and the filing runs one page.

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.

Zero percent, and then what

A nine-month promotional period at 0% is on the record here — during it, qualifying balances cost nothing to carry.

Roughly 458 of the 4,587 filings indexed here disclose a zero-percent introductory rate, so this is a real feature of the document but not a rare one.

What matters more than the promotion is the rate waiting behind it: 19.15%. A $5,000 balance that survives the promotional window costs roughly $1,055 a year from that point on.

The promotional window is therefore worth something on the order of $791 on $5,000, measured against the same balance priced at the standard rate for the same period.

The purchase rate in context

This is a tiered agreement: the filing discloses a purchase APR anywhere from 9.15% to 19.15%, a spread of 10 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

The floor of that band sits at about the 7th percentile of filed purchase rates; the ceiling sits at about the 41st. In corpus terms the same card can be cheap or expensive depending on how it is priced.

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.

To be precise about which number this is: the filing identifies it as the rate that takes over after the introductory period, not the introductory rate.

What a balance actually costs

A $1,200 balance left untouched for twelve months accrues about $253 in interest at this purchase rate.

The corpus median purchase rate is 21.99%, which on the same $1,200 would cost about $295 a year. This filing saves roughly $42 annually against that benchmark.

Per statement cycle that is on the order of $19.03 on $1,200, which is the number that actually shows up on a bill.

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

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Taking cash against the card means a cash advance APR of 12.15%. 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.

Transferred balances are priced at 9.15%; no separate transfer fee was captured from the filing.

The filing sets a 2% foreign transaction fee, which adds roughly $20 to $1,000 spent outside the United States.

When a payment is late

The filing explicitly states that no penalty APR applies. That is worth noting: a default on this account does not, by the terms of this document, reprice the whole balance upward.

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

Grace period and minimum charge

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

Against the rest of First Bank's filings

There are 5 filings from First Bank in this index. Across that lineup purchase rates span 18.15% to 22.15%; this filing's 19.15% sits above 1 of the comparable ones.

On fees, 1 of the 2 sibling filings that disclose an annual fee also set it at zero — this one is among them.

The limits of this document

It is worth being explicit about scope: these filings record terms and pricing. They say nothing about rewards programmes, cardholder benefits, promotional offers or who the issuer will approve, and this review does not speculate about any of it.

Go to the source

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

In short

The pricing here is middling by the standards of the index — 19.15% on purchases is near enough to typical. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.