Agreements as filed with the CFPB. Not an offer of credit. How we read them
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Onpoint Community Credit Union

06 01 2023 Business Credit Card Rate Disclosure

The filed agreement discloses a purchase APR of 14%–24.5%. Below: every term the document states, what it leaves out, and how the cost compares with the rest of the database.

Disclosed rates and fees

Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.

Terms as disclosed in the filed agreement for 06 01 2023 Business Credit Card Rate Disclosure
Purchase APR14%–24.5% (variable)
Balance transfer APR16%
Cash advance APR3%
Late payment feeup to $20
Grace period25 days
NetworkVisa

Analysis

06 01 2023 Business Credit Card Rate Disclosure, as filed by Onpoint Community Credit Union, carries a purchase APR of 14%–24.5%. The purchase rate sits at roughly the 59th percentile of the 4,587 agreements indexed here.

What the agreement puts on the record

06 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.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, a late payment maximum and a grace period. A penalty rate, an annual fee line and a foreign transaction fee are not stated.

Where the purchase APR sits

The purchase APR is quoted as a range of 14% to 24.5%. That 10.5-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

Read against the index, the low end ranks around the 27th percentile and the high end around the 59th — the band straddles a wide stretch of the market this corpus describes.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The arithmetic of revolving

Put $4,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $1,110.

Against the corpus median of 21.99%, that is approximately $127 a year of extra interest on the same $4,000.

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.

The no-interest path

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.

What a missed payment costs

Late payments are capped at $20 under this filing, about the 17th percentile of late fee maximums in the corpus.

The fee structure

For cash advances the filing discloses a cash advance APR of 3%. 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.

The filing discloses a 16% balance transfer rate without an accompanying fee figure.

The issuer's other agreements

Onpoint Community Credit Union has 27 agreements indexed on this site. Across that lineup purchase rates span 10% to 26.75%; this filing's 24.5% sits above 18 of the comparable ones.

What the filing does not tell you

The disclosure parsed here does not state an annual fee, a foreign transaction fee and 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.

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, 1 page 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

24.5% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern.

The source document

This page is a reading of one document: the cardholder agreement Onpoint Community Credit Union filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.

Open the filed agreement (PDF)

Applications are handled by Onpoint Community Credit Union, not by us. We do not take applications and cannot say whether you would be approved.

Go to Onpoint Community Credit Union

Other cards from Onpoint Community Credit Union

All 27 agreements from Onpoint Community Credit Union

Where this card sits

Groups this agreement qualifies for, by its own disclosed terms:

Comparable cards from other issuers

Closest disclosed purchase APR among cards in the same groups.