Secured MasterCard Disclosure

On the record for Secured MasterCard Disclosure: a 18.15% purchase APR and a $48 annual fee, filed by First Bank. That purchase rate ranks near the 38th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

Secured MasterCard Disclosure is one of the agreements First Bank has on file with the CFPB. It is issued on the Mastercard network and the filing runs one page.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. It is silent on a penalty rate and a foreign transaction fee.

What "secured" changes

This is a secured agreement — the credit line is collateralised by a deposit. The disclosure table captured on this page covers pricing only; the mechanics of the deposit live in the body of the document.

Securing the line has not placed this agreement at the bottom of the market — 18.15% ranks near the 38th percentile across every filing indexed here.

Where the purchase APR sits

Set beside the rest of the index, the purchase APR of 18.15% lands at the 38th percentile; it comes in under the midpoint of the corpus.

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 cost of carrying a balance

Put $1,500 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $298.

Priced at the median of 21.99%, that balance would generate about $369 in a year — so this agreement comes in around $70 cheaper for the same debt.

Per statement cycle that is on the order of $22.54 on $1,500, 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.

Fees, and what triggers them

Holding the card costs $48 a year before any transaction takes place — about the 86th percentile among agreements in this index that state a fee.

Expressed in the card's own terms, the $48 fee equals about a year's interest on a $264 balance at the disclosed 18.15% purchase rate.

Taking cash against the card means a cash advance fee of $5 or 3% of the advance, whichever is greater and a cash advance APR of 21.15%. That is 3 points above the purchase rate. Advances under roughly $167 are charged the flat $5; larger ones are charged 3%. 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 18.15% balance transfer rate without an accompanying fee figure.

Paying in full

The filing gives 26 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. That matches the 25-day median across the corpus almost exactly.

Default pricing

This agreement records no penalty rate at all. Late payment carries a fee, but not the rate increase that many filings in this corpus permit.

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

Inside First Bank's filed lineup

There are 5 filings from First Bank in this index. Their disclosed purchase rates run from 19.15% to 22.15%, and this one at 18.15% is more expensive than 0 of them.

Among the issuer's other filings that disclose a fee, 2 of 2 come in below this card's $48.

What is outside the disclosure

Absent from the captured terms: a foreign transaction fee. The original document is the place to look for any of these.

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.

The document itself

The original filing, 1 page long, is linked on this page and should be read before any figure here is acted on. It is also a snapshot: issuers refile as terms change.

In short

At 18.15% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. Against that sits the $48 annual fee, which is unavoidable once the account is open.