VISA Credit Card Disclosure

Michigan Schools and Government Credit Union's filed agreement for VISA Credit Card Disclosure discloses a purchase APR of 13.5%–21.25%, no annual fee and a 3.99% introductory rate. Against the 4,587 filings on this site, that rate lands around the 46th percentile.

What the agreement puts on the record

Michigan Schools and Government Credit Union submitted the terms for VISA Credit Card Disclosure to the CFPB's agreement database; this is what they contain. The filing runs seven pages, and It is issued on the Visa network.

On the record here: a purchase rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. It is silent on a cash advance rate, a balance transfer rate and a penalty rate.

What the promotional rate is worth

An introductory rate of 3.99% appears without a disclosed duration.

Among the 763 filings here that disclose an introductory rate, 3.99% sits at about the 85th percentile.

Behind the promotion sits a 21.25% purchase rate. On $3,000 that is in the region of $710 a year once the window closes.

Where the purchase APR sits

The purchase APR is quoted as a range of 13.5% to 21.25%. That 7.75-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

The floor of that band sits at about the 25th percentile of filed purchase rates; the ceiling sits at about the 46th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The arithmetic of revolving

A $5,000 balance left untouched for twelve months accrues about $1,183 in interest at this purchase rate.

A typical filing in this index would charge about $1,229 on that balance; this one is roughly $46 a year below it.

Per statement cycle that is on the order of $88.07 on $5,000, which is the number that actually shows up on a bill.

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.

When a payment is late

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

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.

Spending abroad costs an extra 1% — about $50 on $5,000 of purchases, independent of interest.

Paying in full

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

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

How it sits in the issuer's own range

This is one of 4 Michigan Schools and Government Credit Union agreements collected here. The issuer's own range is 20.5%–22.25%. At 21.25%, this agreement is dearer than 1 of its siblings.

The limits of this document

This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.

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

Everything here is a reading of the filed agreement, seven 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 21.25% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers.