Visa Credit Card Account Disclosure Generic eff

Visa Credit Card Account Disclosure Generic eff 03 10 26, as filed by Peak Credit Union, carries a purchase APR of 12.5%–14.5%, a $25 annual fee and a 18% penalty rate. Against the 4,587 filings on this site, that rate lands around the 13th percentile.

What this filing discloses

Peak Credit Union submitted the terms for Visa Credit Card Account Disclosure Generic eff 03 10 26 to the CFPB's agreement database; this is what they contain. The filing runs one page, and It is issued on the Visa network.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and an annual fee line.

The purchase rate in context

Rather than a single purchase rate, the document gives a band — 12.5% at the bottom, 14.5% at the top, 2 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 20th percentile of filed purchase rates; the ceiling sits at about the 13th. 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.

To be precise about which number this is: the filing identifies it as the rate that takes over after the introductory period, not the introductory rate.

What a balance actually costs

At the disclosed purchase APR, $5,000 revolving for a full year costs something like $780 in interest.

A typical filing in this index would charge about $1,229 on that balance; this one is roughly $449 a year below it.

Month to month it reads as about $59.93 per cycle on that balance.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

The no-interest path

The filing gives 21 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. With a corpus median of 25 days, this window is narrower than the norm.

What a missed payment costs

A penalty APR of 18% 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 19th percentile.

A default therefore reprices the debt by 3.5 points: about $123 a year more on $3,000, for as long as the penalty rate stands.

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

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.

Expressed in the card's own terms, the $25 fee equals about a year's interest on a $172 balance at the disclosed 14.5% purchase rate.

A first-year waiver applies according to the document — the $25 begins biting in year two.

For cash advances the filing discloses a cash advance APR of 15.5%. Cash is therefore 1 points dearer than buying something with the card. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 9.5% balance transfer rate without an accompanying fee figure.

Spending abroad costs an extra 2% — about $30 on $1,500 of purchases, independent of interest.

The issuer's other agreements

There are 3 filings from Peak Credit Union in this index.

What you cannot learn from the filing

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.

Go to the source

Everything here is a reading of the filed agreement, one page of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

At 14.5% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. The $25 annual fee is charged regardless of use, so it is a cost that applies even to an account that never revolves.