Agreements as filed with the CFPB. Not an offer of credit. How we read them
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Preferred Credit

Retail Instalment Credit Agreement/ Security Agreement

The filed agreement discloses a purchase APR of 17.99%. Below: every term the document states, what it leaves out, and how the cost compares with the rest of the database.

Disclosed rates and fees

Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.

Terms as disclosed in the filed agreement for Retail Instalment Credit Agreement/ Security Agreement
Purchase APR17.99%
Late payment feeup to $20
Grace period25 days
Minimum interest charge$0.7

Analysis

Retail Instalment Credit Agreement/ Security Agreement, as filed by Preferred Credit, carries a 17.99% purchase APR. Against the 4,587 filings on this site, that rate lands around the 28th percentile.

What the agreement puts on the record

What follows is drawn entirely from Preferred Credit's CFPB filing for Retail Instalment Credit Agreement/ Security Agreement. The filing runs five pages.

The filing is explicit about a purchase rate, a late payment maximum and a grace period. It is silent on 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.

Pricing the purchase rate

Measured against every other filing on the site, 17.99% is about the 28th percentile for purchase APR; it is on the cheaper side of the median.

The arithmetic of revolving

Put $5,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $985.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $244 annually against that benchmark.

There is also a floor: the filing sets a minimum interest charge of $0.70, so any cycle that accrues less than that is billed at $0.70 anyway.

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.

The downside terms

On the fee side, a late payment can cost up to $20, which is around the 17th percentile here.

Grace period and minimum charge

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

Where interest applies at all, the filing bills at least $0.70. On a tiny balance that floor can dwarf the rate itself.

The limits of this document

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.

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.

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 17.99% is more expensive than 0 of them.

Go to the source

This summary stands or falls on the linked PDF — five pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

17.99% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. 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.

The source document

This page is a reading of one document: the cardholder agreement Preferred Credit filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.

Open the filed agreement (PDF)

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Other cards from Preferred Credit

All 124 agreements from Preferred Credit

Where this card sits

Groups this agreement qualifies for, by its own disclosed terms:

Comparable cards from other issuers

Closest disclosed purchase APR among cards in the same groups.