Classic Secured Card Terms and Conditions

The Classic Secured Card Terms and Conditions filing from General Electric Credit Union sets out a 18% purchase APR and no annual fee. That purchase rate ranks near the 34th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

The document behind this page is General Electric Credit Union's filed agreement for Classic Secured Card Terms and Conditions. The filing runs three pages, and It is issued on the Visa network.

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

The disclosure table in this document parsed only moderately cleanly; the numbers are reported as read, with that caveat attached.

A secured agreement

Secured cards work against a deposit held by the issuer. The rate and fee figures summarised here say nothing about the size of that deposit or the terms attached to it, both of which are matters for the agreement text itself.

It is worth noting that collateral does not automatically mean a cheap rate: at 18%, this filing's purchase APR still sits at about the 34th percentile of the whole corpus, secured and unsecured filings alike.

How the purchase rate compares

At 18%, the purchase APR falls at roughly the 34th percentile of the 2,280 filings indexed here, which comes in under the midpoint of the corpus.

What a balance actually costs

A $1,200 balance left untouched for twelve months accrues about $237 in interest at this purchase rate.

A typical filing in this index would charge about $295 on that balance; this one is roughly $58 a year below it.

Month to month it reads as about $17.88 per cycle on that balance.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

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.

Paying in full

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

Default pricing

The maximum late fee is $32 — roughly the 50th percentile of the late fee ceilings disclosed across this index.

Inside General Electric Credit Union's filed lineup

6 separate General Electric Credit Union filings appear in the corpus. Every one of the others that discloses a purchase rate discloses the same 18%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

What you cannot learn from the filing

This page cannot tell you anything about cash advances, balance transfer terms, a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

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.

Where the authority sits

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

In short

18% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. Extraction confidence here is not high, so the conclusions above are provisional on the PDF agreeing with them.