04 01 2023 Business Credit Card Rate Disclosure

On the record for 04 01 2023 Business Credit Card Rate Disclosure: a purchase APR of 13.5%–24%, filed by Onpoint Community Credit Union. Against the 4,587 filings on this site, that rate lands around the 58th percentile.

What this filing discloses

04 01 2023 Business Credit Card Rate Disclosure is one of the agreements Onpoint Community Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs one page.

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

How the purchase rate compares

Rather than a single purchase rate, the document gives a band — 13.5% at the bottom, 24% at the top, 10.5 points wide. The agreement discloses the range without disclosing how an account is placed within it.

The floor of that band sits at about the 25th percentile of filed purchase rates; the ceiling sits at about the 58th. 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

Carry $5,000 on this card for a year without paying it down and the purchase rate alone generates roughly $1,356 in interest.

The median purchase rate across the corpus is 21.99%; the same balance there would cost about $1,229. The gap — roughly $126 a year on $5,000 — is the price of this particular filing over a typical one.

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.

Where the fees are

Cash advances carry a cash advance APR of 3%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 15.5% balance transfer rate without an accompanying fee figure.

The no-interest path

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

Penalty pricing and late fees

$20 is the disclosed ceiling on a late payment fee, placing it near the 17th percentile of the set.

Inside Onpoint Community Credit Union's filed lineup

27 separate Onpoint Community Credit Union filings appear in the corpus. The issuer's own range is 10%–26.75%. At 24%, this agreement is dearer than 16 of its siblings.

What is outside the disclosure

Absent from the captured terms: an annual fee, a foreign transaction fee and penalty pricing. The original document is the place to look for any of these.

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

The filed PDF is linked from this page and runs one page. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

24% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern.