MasterCard Rewards Disclosure

The MasterCard Rewards Disclosure filing from Michigan Educational Credit Union sets out a purchase APR of 17.74%–21% and no annual fee. Against the 4,587 filings on this site, that rate lands around the 46th percentile.

What the agreement puts on the record

Michigan Educational Credit Union filed this agreement for MasterCard Rewards Disclosure with the Consumer Financial Protection Bureau. The filing runs four pages, and It is issued on the Mastercard network.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a foreign transaction fee. No figure appears for a penalty rate and a late payment maximum.

Where the purchase APR sits

Rather than a single purchase rate, the document gives a band — 17.74% at the bottom, 21% at the top, 3.26 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Those two numbers occupy very different places in the corpus: roughly the 48th percentile at the bottom and the 46th at the top.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

What a balance actually costs

Carry $1,200 on this card for a year without paying it down and the purchase rate alone generates roughly $280 in interest.

The corpus median purchase rate is 21.99%, which on the same $1,200 would cost about $295 a year. This filing saves roughly $15 annually against that benchmark.

Per statement cycle that is on the order of $20.89 on $1,200, which is the number that actually shows up on a bill.

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

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 17.74%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 17.74% balance transfer rate without an accompanying fee figure.

Spending abroad costs an extra 1% — about $30 on $3,000 of purchases, independent of interest.

Grace period and minimum charge

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.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

What you cannot learn from the filing

The disclosure parsed here does not state penalty pricing. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

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.

Go to the source

The original filing, 4 pages long, is linked on this page and should be read before any figure here is acted on. It is also a snapshot: issuers refile as terms change.

In short

At 21% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.