Retail Charge Agreement/ Security Agreement

On the record for Retail Charge Agreement/ Security Agreement: a 18% purchase APR, filed by Preferred Credit. Against the 4,587 filings on this site, that rate lands around the 34th percentile.

What the agreement puts on the record

Preferred Credit filed this agreement for Retail Charge Agreement/ Security Agreement with the Consumer Financial Protection Bureau. The filing runs seven pages.

On the record here: a purchase rate, a late payment maximum and a grace period. No figure appears for a cash advance 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.

Where the purchase APR sits

The purchase APR of 18% places this agreement around the 34th percentile of the set — it comes in under the midpoint of the corpus.

The cost of carrying a balance

Put $1,200 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $237.

Priced at the median of 21.99%, that balance would generate about $295 in a year — so this agreement comes in around $58 cheaper for the same debt.

Per statement cycle that is on the order of $17.88 on $1,200, which is the number that actually shows up on a bill.

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.

Paying in full

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.

Where interest applies at all, the filing bills at least $0.50. On a tiny balance that floor can dwarf the rate itself.

When a payment is late

$30 is the disclosed ceiling on a late payment fee, placing it near the 49th percentile of the set.

Inside Preferred Credit's filed lineup

This is one of 124 Preferred Credit agreements collected here. Their disclosed purchase rates run from 17.99% to 21.99%, and this one at 18% is more expensive than 53 of them.

The limits of this document

Absent from the captured terms: anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. 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.

Go to the source

The original filing, 7 pages 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

The pricing here is middling by the standards of the index — 18% on purchases is near enough to typical. Given the parsing confidence on this filing, read the agreement itself before treating any of these figures as settled.