Retail Charge Agreement/ Security Agreement

Retail Charge Agreement/ Security Agreement, as filed by Preferred Credit, carries a 21% purchase APR. Against the 4,587 filings on this site, that rate lands around the 46th percentile.

What the agreement puts on the record

Preferred Credit submitted the terms for Retail Charge Agreement/ Security Agreement to the CFPB's agreement database; this is what they contain. The filing runs five pages.

The filing is explicit about 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.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

How the purchase rate compares

Ranked against the corpus, this purchase APR — 21% — sits at approximately the 46th percentile and is unremarkable against the rest of the set.

What the rate means in dollars

Carry $1,200 on this card for a year without paying it down and the purchase rate alone generates roughly $280 in interest.

The corpus median purchase rate is 21.99%, which on the same $1,200 would cost about $295 a year. This filing saves roughly $15 annually against that benchmark.

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.

Paying in full

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing.

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

What a missed payment costs

Late payments are capped at $0 under this filing, about the 2nd percentile of late fee maximums in the corpus.

Against the rest of Preferred Credit's filings

124 separate Preferred Credit filings appear in the corpus. Across that lineup purchase rates span 17.99% to 21.99%; this filing's 21% sits above 80 of the comparable ones.

What you cannot learn from the filing

The disclosure parsed here does not state anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. 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.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Where the authority sits

The filed PDF is linked from this page and runs five 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 — 21% 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.