Retail Charge Agreement/ Security Agreement

Preferred Credit's filed agreement for Retail Charge Agreement/ Security Agreement discloses a 21.99% purchase APR. That purchase rate ranks near the 49th percentile across this corpus of 4,587 filings.

The disclosed terms

This page covers the agreement Preferred Credit filed for Retail Charge Agreement/ Security Agreement. The filing runs five 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.

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

The purchase rate in context

21.99% puts the purchase APR near the 49th percentile across 2,280 agreements, so it is about typical for the filings collected here.

Translating the rate into money

A $1,000 balance left untouched for twelve months accrues about $246 in interest at this purchase rate.

That is almost exactly what a median-priced filing in this index would charge on the same balance, since the corpus median sits at 21.99%.

Broken down to a single thirty-day cycle, the same balance accrues roughly $18.23.

There is also a floor: the filing sets a minimum interest charge of $0.50, so any cycle that accrues less than that is billed at $0.50 anyway.

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

Penalty pricing and late fees

$15 is the disclosed ceiling on a late payment fee, placing it near the 11th percentile of the set.

The grace period

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest.

A minimum interest charge of $0.50 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

How it sits in the issuer's own range

There are 124 filings from Preferred Credit in this index. Their disclosed purchase rates run from 17.99% to 21.99%, and this one at 21.99% is more expensive than 84 of them.

What is outside the disclosure

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.

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.

The document itself

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

At 21.99% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. All of this rests on figures read from the filing with less than full confidence, which is reason enough to check the document before relying on any of it.