07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL

Lansing Automakers Federal Credit Union's filed agreement for 07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL discloses a purchase APR of 17.75%–22.49%, no annual fee and a 2.99% introductory rate. The purchase rate sits at roughly the 51st percentile of the 4,587 agreements indexed here.

On the face of the filing

Lansing Automakers Federal Credit Union filed this agreement for 07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL with the Consumer Financial Protection Bureau. It is issued on the Visa network and the filing runs two pages.

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

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.

What the promotional rate is worth

The introductory rate is 2.99%, held for 12 months. It is a discount rather than a holiday — interest still accrues, just more slowly than the go-to rate.

Among the 763 filings here that disclose an introductory rate, 2.99% sits at about the 79th percentile.

Behind the promotion sits a 22.49% purchase rate. On $1,000 that is in the region of $252 a year once the window closes.

The purchase rate in context

This is a tiered agreement: the filing discloses a purchase APR anywhere from 17.75% to 22.49%, a spread of 4.74 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 49th percentile and the high end around the 51st — 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.

Translating the rate into money

The purchase rate turns a $2,000 revolving balance into roughly $504 of annual interest.

A card priced at the corpus median of 21.99% would charge roughly $492 on that balance. This one charges about $12 more per year.

Month to month it reads as about $37.30 per cycle on that balance.

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.

Charges beyond interest

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

For cash advances the filing discloses a cash advance APR of 13.9%.

The filing discloses a 13.9% balance transfer rate without an accompanying fee figure.

The filing sets a 1% foreign transaction fee, which adds roughly $10 to $1,000 spent outside the United States.

Penalty pricing and late fees

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

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.

How it sits in the issuer's own range

This is one of 17 Lansing Automakers Federal Credit Union agreements collected here. Their disclosed purchase rates run from 19.74% to 22.74%, and this one at 22.49% is more expensive than 5 of them.

What the filing does not tell you

Absent from the captured terms: 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.

Where the authority sits

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

22.49% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.