Secured Credit Card Pricing and Fees

The Secured Credit Card Pricing and Fees filing from Michigan First Credit Union sets out a 24.74% purchase APR and a $50 annual fee. That purchase rate ranks near the 59th percentile across this corpus of 4,587 filings.

What this filing discloses

Michigan First Credit Union submitted the terms for Secured Credit Card Pricing and Fees to the CFPB's agreement database; this is what they contain. The filing runs one page.

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 and a foreign transaction fee.

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.

It is worth noting that collateral does not automatically mean a cheap rate: at 24.74%, this filing's purchase APR still sits at about the 59th percentile of the whole corpus, secured and unsecured filings alike.

The purchase APR against the corpus

Measured against every other filing on the site, 24.74% is about the 59th percentile for purchase APR; it is unremarkable against the rest of the set.

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.

The arithmetic of revolving

At the disclosed purchase APR, $3,000 revolving for a full year costs something like $842 in interest.

The median purchase rate across the corpus is 21.99%; the same balance there would cost about $738. The gap — roughly $104 a year on $3,000 — is the price of this particular filing over a typical one.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

Fees, and what triggers them

$50 a year is the disclosed annual fee, which ranks near the 88th percentile of the fees filed across this corpus.

One way to size that fee: at the card's own purchase rate of 24.74%, $50 is roughly the interest a balance of about $202 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

Cash advances carry a cash advance fee of $10 or 3% of the advance, whichever is greater and a cash advance APR of 24.74%. Advances under roughly $333 are charged the flat $10; larger ones are charged 3%.

Transferred balances are priced at 24.74%; no separate transfer fee was captured from the filing.

Penalty pricing and late fees

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.

How it sits in the issuer's own range

4 separate Michigan First Credit Union filings appear in the corpus.

What is outside the disclosure

This page cannot tell you a foreign transaction fee 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.

Reading the agreement yourself

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

In short

The pricing here is middling by the standards of the index — 24.74% on purchases is near enough to typical. Against that sits the $50 annual fee, which is unavoidable once the account is open.