VISA Credit Card Application&Solicitation 2023 04

Michigan Schools and Government Credit Union's filed agreement for VISA Credit Card Application&Solicitation 2023 04 01 discloses a purchase APR of 14%–21.75% and no annual fee. Against the 4,587 filings on this site, that rate lands around the 47th percentile.

What the agreement puts on the record

The document behind this page is Michigan Schools and Government Credit Union's filed agreement for VISA Credit Card Application&Solicitation 2023 04 01. The filing runs seven pages, and It is issued on the Visa network.

The filing is explicit about 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.

Where the purchase APR sits

Rather than a single purchase rate, the document gives a band — 14% at the bottom, 21.75% at the top, 7.75 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Read against the index, the low end ranks around the 27th percentile and the high end around the 47th — the band straddles a wide stretch of the market this corpus describes.

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 cost of carrying a balance

Put $1,200 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $291.

Priced at the median of 21.99%, that balance would generate about $295 in a year — so this agreement comes in around $4 cheaper for the same debt.

Broken down to a single thirty-day cycle, the same balance accrues roughly $21.64.

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.

What the card costs before you borrow

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

For cash advances the filing discloses a cash advance APR of 9.75%. 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.

Transferred balances are priced at 9.75%; no separate transfer fee was captured from the filing.

Spending abroad costs an extra 1% — about $15 on $1,500 of purchases, independent of interest.

The downside terms

On the fee side, a late payment can cost up to $25, which is around the 32nd percentile here.

The no-interest path

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.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

The issuer's other agreements

4 separate Michigan Schools and Government Credit Union filings appear in the corpus. Their disclosed purchase rates run from 20.5% to 22.25%, and this one at 21.75% is more expensive than 2 of them.

The limits of this document

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.

Reading the agreement yourself

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 21.75% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers.