Q1 Credit Card Disclosures

On the record for Q1 Credit Card Disclosures: a 12.5% purchase APR, no annual fee and a 17.9% penalty rate, filed by Founders Federal Credit Union. Against the 4,587 filings on this site, that rate lands around the 9th percentile.

What this filing discloses

Founders Federal Credit Union filed this agreement for Q1 Credit Card Disclosures with the Consumer Financial Protection Bureau. The filing runs seven pages.

The disclosure covers a purchase rate, a balance transfer rate, a penalty rate, an annual fee line and a late payment maximum. It is silent on a cash advance rate.

How the purchase rate compares

Measured against every other filing on the site, 12.5% is about the 9th percentile for purchase APR; it reads as inexpensive against the rest of the filings.

The arithmetic of revolving

At the disclosed purchase APR, $1,200 revolving for a full year costs something like $160 in 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 $135 annually against that benchmark.

Month to month it reads as about $12.39 per cycle on that balance.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

Default pricing

The agreement discloses penalty pricing of 17.9% — about the 8th percentile of the 794 penalty rates recorded across this index.

Measured in money, moving from 12.5% to 17.9% costs an extra $189 or so annually on $3,000 — a far larger number than any single late fee.

On the fee side, a late payment can cost up to $0, which is around the 2nd percentile here.

Where the fees are

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

Transferred balances are priced at 2.99%; no separate transfer fee was captured from the filing.

No foreign transaction fee is charged, which puts this filing in the roughly 22% of disclosing agreements here that do not take a cut of overseas spending.

The no-interest path

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.

Inside Founders Federal Credit Union's filed lineup

17 separate Founders Federal Credit Union filings appear in the corpus. The issuer's own range is 13.5%–14.75%. At 12.5%, this agreement is dearer than 0 of its siblings.

What you cannot learn from the filing

This page cannot tell you anything about cash advances, because the filing's disclosure table as read does not contain it.

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, seven pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

12.5% places this filing at the inexpensive end of the set, which is the headline here. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.