Secured Smart Account Opening Current

The Secured Smart Account Opening Current filing from Orlando Credit Union sets out a 18% purchase APR and no annual fee. That purchase rate ranks near the 34th percentile across this corpus of 4,587 filings.

What the document actually states

Orlando Credit Union filed this agreement for Secured Smart Account Opening Current with the Consumer Financial Protection Bureau. The filing runs two pages.

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

The row carrying the purchase rate is unlabelled in the original document; it is reported here as the most likely purchase figure rather than a certain one.

A secured agreement

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.

For context, the 18% purchase rate lands around the 34th percentile of all the agreements on this site, which is the useful comparison regardless of the deposit.

Where the purchase APR sits

Ranked against the corpus, this purchase APR — 18% — sits at approximately the 34th percentile and undercuts the typical filing.

What the rate means in dollars

A $2,500 balance left untouched for twelve months accrues about $493 in interest at this purchase rate.

A typical filing in this index would charge about $615 on that balance; this one is roughly $122 a year below it.

Broken down to a single thirty-day cycle, the same balance accrues roughly $37.25.

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.

Where the fees are

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

The filing sets a 1% foreign transaction fee, which adds roughly $15 to $1,500 spent outside the United States.

Default pricing

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 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

What is outside the disclosure

The disclosure parsed here does not state anything about cash advances 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.

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 issuer's other agreements

There are 7 filings from Orlando Credit Union in this index. Pricing across this issuer's filings is uniform at 18% — the rate table does not distinguish one of its cards from another.

Where the authority sits

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

In short

The pricing here is middling by the standards of the index — 18% on purchases is near enough to typical. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.