07 19 2023 Loan Liner Signature disclosure FINAL

07 19 2023 Loan Liner Signature disclosure FINAL, as filed by Lansing Automakers Federal Credit Union, carries a 19.74% purchase APR, no annual fee and a 2.99% introductory rate. The purchase rate sits at roughly the 41st percentile of the 4,587 agreements indexed here.

What the document actually states

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

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

What the promotional rate is worth

A promotional rate of 2.99% applies for 12 months under this agreement — lower than the standard rate, but not free.

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

Behind the promotion sits a 19.74% purchase rate. On $2,000 that is in the region of $436 a year once the window closes.

The purchase APR against the corpus

Measured against every other filing on the site, 19.74% is about the 41st percentile for purchase APR; it lands near the median.

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

What the rate means in dollars

The purchase rate turns a $2,500 revolving balance into roughly $545 of annual interest.

Priced at the median of 21.99%, that balance would generate about $615 in a year — so this agreement comes in around $69 cheaper for the same debt.

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

Default pricing

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

What the card costs before you borrow

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.

Taking cash against the card means a cash advance APR of 19.74%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 19.74% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 1%. On $5,000 of overseas spending that is $50, charged on top of whatever exchange rate applies.

Paying in full

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.

How it sits in the issuer's own range

There are 17 filings from Lansing Automakers Federal Credit Union in this index. Across that lineup purchase rates span 19.74% to 22.74%; this filing's 19.74% sits above 0 of the comparable ones.

What you cannot learn from the filing

Absent from the captured terms: penalty pricing. The original document is the place to look for any of these.

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.

Go to the source

Everything here is a reading of the filed agreement, two pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

At 19.74% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.