Platinum Plus Visa Credit Card Agreement and Truth in Lending Disclosure

The Platinum Plus Visa Credit Card Agreement and Truth in Lending Disclosure filing from Michigan State University Federal Credit Union sets out a purchase APR of 13.9%–17.9% and a 17.9% penalty rate. Against the 4,587 filings on this site, that rate lands around the 24th percentile.

What the agreement puts on the record

Platinum Plus Visa Credit Card Agreement and Truth in Lending Disclosure is one of the agreements Michigan State University Federal Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs four pages.

The filing is explicit about a purchase rate, a penalty rate, a late payment maximum and a grace period. It is silent on a cash advance rate, a balance transfer rate and an annual fee line.

These figures carry medium extraction confidence — they are reproduced as read from the filing, which remains the authority.

How the purchase rate compares

Rather than a single purchase rate, the document gives a band — 13.9% at the bottom, 17.9% at the top, 4 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 27th percentile at the bottom and the 24th at the top.

The arithmetic of revolving

Put $5,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $980.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $250 annually against that benchmark.

Broken down to a single thirty-day cycle, the same balance accrues roughly $74.09.

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 a missed payment costs

If the account defaults, the filing permits a rate of 17.9%. Among disclosing agreements here that ranks near the 8th percentile.

$15 is the disclosed ceiling on a late payment fee, placing it near the 11th percentile of the set.

Grace period and minimum charge

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. That matches the 25-day median across the corpus almost exactly.

Against the rest of Michigan State University Federal Credit Union's filings

This is one of 7 Michigan State University Federal Credit Union agreements collected here. Every one of the others that discloses a purchase rate discloses the same 17.9%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

What is outside the disclosure

The disclosure parsed here does not state anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. 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.

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.

Reading the agreement yourself

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 17.9% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. Given the parsing confidence on this filing, read the agreement itself before treating any of these figures as settled.