04 2023 Rewards, Simple, Secured ASD

04 2023 Rewards, Simple, Secured ASD, as filed by Lansing Automakers Federal Credit Union, carries no annual fee.

What the document actually states

This page covers the agreement Lansing Automakers Federal Credit Union filed for 04 2023 Rewards, Simple, Secured ASD. It is issued on the Visa network and the filing runs two pages.

The filing is explicit about an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a purchase rate, a cash advance rate and a balance transfer rate.

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

Collateral and the deposit

The product name identifies this as a secured card, which means the account is backed by a deposit the cardholder provides. The filing indexed here discloses rates and fees; it is the agreement text that governs how the deposit is held, when it is applied and under what conditions it is returned.

What the card costs before you borrow

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.

Foreign transactions attract 1%. On $1,500 of overseas spending that is $15, charged on top of whatever exchange rate applies.

Default pricing

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

Grace period and minimum charge

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

What the filing does not tell you

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

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Against the rest of Lansing Automakers Federal Credit Union's filings

There are 17 filings from Lansing Automakers Federal Credit Union in this index. Their disclosed purchase rates run from 19.74% to 22.74%, though this particular filing does not state one in comparable form.

Go to the source

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

In short

Extraction confidence here is not high, so the conclusions above are provisional on the PDF agreeing with them.