VISA Secured Disclosure 2023

19073 VISA Secured Disclosure 2023 01, as filed by Midflorida Credit Union, carries a $25 annual fee.

What this filing discloses

19073 VISA Secured Disclosure 2023 01 is one of the agreements Midflorida Credit Union has on file with the CFPB. The filing runs five pages, and It is issued on the Visa network.

The filing is explicit about a cash advance rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a purchase rate, a balance transfer rate and a penalty rate.

The disclosure table in this document parsed only moderately cleanly; the numbers are reported as read, with that caveat attached.

Collateral and the deposit

This is a secured agreement — the credit line is collateralised by a deposit. The disclosure table captured on this page covers pricing only; the mechanics of the deposit live in the body of the document.

What the card costs before you borrow

Holding the card costs $25 a year before any transaction takes place — about the 78th percentile among agreements in this index that state a fee.

The filing states the fee is waived for the first year, so the $25 is a second-year cost rather than an immediate one.

Taking cash against the card means a cash advance APR of 14.99%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Foreign transactions attract 1%. On $5,000 of overseas spending that is $50, charged on top of whatever exchange rate applies.

The downside terms

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

Grace period and minimum charge

Anyone clearing the statement balance inside 21 days pays no purchase interest at all under this filing. With a corpus median of 25 days, this window is narrower than the norm.

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 3 Midflorida Credit Union agreements collected here. Their disclosed purchase rates run from 18% to 18%, though this particular filing does not state one in comparable form.

The limits of this document

Absent from the captured terms: a purchase rate, balance transfer terms and penalty pricing. The original document is the place to look for any of these.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

The document itself

This summary stands or falls on the linked PDF — five pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

Note that the $25 annual fee falls due whether the card is used or not. Given the parsing confidence on this filing, read the agreement itself before treating any of these figures as settled.