Platinum Visa Credit Card Agreement and Truth in Lending Disclosure

Michigan State University Federal Credit Union's filed agreement for Platinum Visa Credit Card Agreement and Truth in Lending Disclosure discloses a purchase APR of 9.9%–17.9%, a 0% opening rate and a 17.9% penalty rate. Against the 4,587 filings on this site, that rate lands around the 24th percentile.

What the document actually states

Michigan State University Federal Credit Union submitted the terms for Platinum Visa Credit Card Agreement and Truth in Lending Disclosure to the CFPB's agreement database; this is what they contain. The filing runs two pages, and It is issued on the Visa network.

Terms captured from the document include 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.

Zero percent, and then what

The filing discloses a 0% introductory rate, though it does not state how long the promotional period runs.

About 458 agreements in this corpus carry a zero-percent opening rate; this is one of them.

The go-to rate is 17.9%. Any balance still outstanding when the promotion lapses starts accruing at that figure — about $392 a year on $2,000.

How the purchase rate compares

The purchase APR is quoted as a range of 9.9% to 17.9%. That 8-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 10th percentile of filed purchase rates; the ceiling sits at about the 24th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

The cost of carrying a balance

A $2,000 balance left untouched for twelve months accrues about $392 in interest at this purchase rate.

A typical filing in this index would charge about $492 on that balance; this one is roughly $100 a year below it.

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

A penalty APR of 17.9% sits in this filing, applied when the account falls into default as the agreement defines it. Against the 794 filings here that disclose one, that is roughly the 8th percentile.

On the fee side, a late payment can cost up to $24.99, which is around the 20th percentile here.

The grace period

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

How it sits in the issuer's own range

Michigan State University Federal Credit Union has 7 agreements indexed on this site. Pricing across this issuer's filings is uniform at 17.9% — the rate table does not distinguish one of its cards from another.

What is outside the disclosure

This page cannot tell you anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee, because the filing's disclosure table as read does not contain them.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Reading the agreement yourself

The original filing, 2 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

The pricing here is middling by the standards of the index — 17.9% on purchases is near enough to typical.