Before you read the numbers.
This document covers more than one card product in a single disclosure table. Figures shown may belong to a sibling product rather than to this one. Check the filing before relying on any individual number.
Disclosed rates and fees
Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.
| Purchase APR | 9.24% (variable) |
|---|---|
| Balance transfer APR | 9.24% |
| Cash advance APR | 9.24% |
| Penalty APR | 16.99% |
| Late payment fee | up to $35 |
| Foreign transaction fee | 1% |
| Grace period | 25 days |
| Network | Visa |
Analysis
Visa Application and Solicitation Disclosure, as filed by Massachusetts Institute of Technology Federal Credit Union, carries a 9.24% purchase APR and a 16.99% penalty rate. Against the 4,587 filings on this site, that rate lands around the 4th percentile.
On the face of the filing
Visa Application and Solicitation Disclosure is one of the agreements Massachusetts Institute of Technology Federal Credit Union has on file with the CFPB. The filing runs two pages, and It is issued on the Visa network.
The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and a late payment maximum. An annual fee line is not stated.
One important caveat sits on top of everything else here: the rate table in this filing covers more than one product. Figures shown on this page may belong to a sibling card in the same table rather than to this one, and only the PDF can settle which row applies.
How the purchase rate compares
The purchase APR of 9.24% places this agreement around the 4th percentile of the set — it lands at the extreme low end of the filings.
The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.
What the rate means in dollars
A $2,500 balance left untouched for twelve months accrues about $242 in interest at this purchase rate.
Priced at the median of 21.99%, that balance would generate about $615 in a year — so this agreement comes in around $373 cheaper for the same debt.
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.
Fees, and what triggers them
For cash advances the filing discloses a cash advance APR of 9.24%.
Transferred balances are priced at 9.24%; no separate transfer fee was captured from the filing.
Foreign transactions attract 1%. On $3,000 of overseas spending that is $30, charged on top of whatever exchange rate applies.
What a missed payment costs
The agreement discloses penalty pricing of 16.99% — about the 7th percentile of the 794 penalty rates recorded across this index.
A default therefore reprices the debt by 7.75 points: about $177 a year more on $2,000, for as long as the penalty rate stands.
$35 is the disclosed ceiling on a late payment fee, placing it near the 54th percentile of the set.
The grace period
Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing.
What is outside the disclosure
This page cannot tell you an annual fee, because the filing's disclosure table as read does not contain it.
An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.
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
The purchase rate of 9.24% is one of the cheaper figures in this index — the central point in the agreement's favour. And because the filing covers several products in one table, even the figures that are right may belong to a different card.
The source document
This page is a reading of one document: the cardholder agreement Massachusetts Institute of Technology Federal Credit Union filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.
Applications are handled by Massachusetts Institute of Technology Federal Credit Union, not by us. We do not take applications and cannot say whether you would be approved.
Go to Massachusetts Institute of Technology Federal Credit Union
Other cards from Massachusetts Institute of Technology Federal Credit Union
This is the only agreement from Massachusetts Institute of Technology Federal Credit Union in the database with enough disclosed terms to publish. See the issuer's full filing list.
Where this card sits
Groups this agreement qualifies for, by its own disclosed terms:
Comparable cards from other issuers
Closest disclosed purchase APR among cards in the same groups.