application solicitation disclosure (7 27 2022)

The application solicitation disclosure (7 27 2022) filing from Kirtland Federal Credit Union sets out a purchase APR of 7.25%–14%. That purchase rate ranks near the 12th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

application solicitation disclosure (7 27 2022) is one of the agreements Kirtland Federal Credit Union has on file with the CFPB. The filing runs two pages, and It is issued on the Visa network.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, a late payment maximum and a foreign transaction fee. No figure appears for a penalty rate and an annual fee line.

This document discloses several products inside a single rate table. That means the numbers below are the ones the table contains, not necessarily the ones attached to this particular card — the filing itself is the only way to tell them apart.

How the purchase rate compares

Purchases price between 7.25% and 14% under this filing. The 6.75-point gap between the two is material, and nothing in the agreement indicates where a given account would land.

Read against the index, the low end ranks around the 3rd percentile and the high end around the 12th — the band straddles a wide stretch of the market this corpus describes.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The arithmetic of revolving

The purchase rate turns a $2,000 revolving balance into roughly $300 of annual interest.

A typical filing in this index would charge about $492 on that balance; this one is roughly $191 a year below it.

Small balances do not get a proportionally small bill — the agreement imposes a $0.50 minimum interest charge in any month where interest applies.

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.

The fee structure

For cash advances the filing discloses a cash advance fee of $3 or 1% of the advance, whichever is greater and a cash advance APR of 7.25%. The two halves of that fee cross at about $300: below it the flat $3 applies, above it the percentage does. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 7.25%; 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 downside terms

Late payments are capped at $25 under this filing, about the 32nd percentile of late fee maximums in the corpus.

The no-interest path

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

Where interest applies at all, the filing bills at least $0.50. On a tiny balance that floor can dwarf the rate itself.

The issuer's other agreements

Kirtland Federal Credit Union has 13 agreements indexed on this site. The issuer's own range is 12.75%–17.75%. At 14%, this agreement is dearer than 1 of its siblings.

The limits of this document

Absent from the captured terms: an annual fee and penalty pricing. 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.

Go to the source

This summary stands or falls on the linked PDF — two pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

The purchase rate of 14% is one of the cheaper figures in this index — the central point in the agreement's favour. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.