CFPB Credit Card Rate Information

On the record for CFPB Credit Card Rate Information 2023: a purchase APR of 12.65%–17.95%, no annual fee, a 0% opening rate and a 17.95% penalty rate, filed by Skyla Federal Credit Union. The purchase rate sits at roughly the 25th percentile of the 4,587 agreements indexed here.

On the face of the filing

Skyla Federal Credit Union submitted the terms for CFPB Credit Card Rate Information 2023 to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs three pages.

The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and an annual fee line.

This document discloses several products inside a single rate table. That means the numbers below are the ones the table contains, not necessarily the ones attached to this particular card — the filing itself is the only way to tell them apart.

Zero percent, and then what

The filing discloses a 0% introductory rate, though it does not state how long the promotional period runs.

Zero-percent openings appear in roughly 458 of the filings on this site, which puts this agreement in a sizeable minority rather than a class of its own.

Once the introductory period ends the rate becomes 17.95%, which turns a lingering $3,000 balance into approximately $590 of annual interest.

The purchase APR against the corpus

Purchases price between 12.65% and 17.95% under this filing. The 5.3-point gap between the two is material, and nothing in the agreement indicates where a given account would land.

The floor of that band sits at about the 21st percentile of filed purchase rates; the ceiling sits at about the 25th. 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.

This figure is the post-promotional rate. The introductory pricing is handled separately further down.

What a balance actually costs

Carry $1,500 on this card for a year without paying it down and the purchase rate alone generates roughly $295 in interest.

Priced at the median of 21.99%, that balance would generate about $369 in a year — so this agreement comes in around $74 cheaper for the same debt.

Month to month it reads as about $22.29 per cycle on that balance.

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 no-interest path

Anyone clearing the statement balance inside 28 days pays no purchase interest at all under this filing. That is longer than the corpus median of 25 days.

What a missed payment costs

A penalty APR of 17.95% 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 9th percentile.

Late payments are capped at $25 under this filing, about the 32nd percentile of late fee maximums in the corpus.

Fees, and what triggers them

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Taking cash against the card means a cash advance APR of 17.95%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

Transferred balances are priced at 0%; no separate transfer fee was captured from the filing.

The filing sets a 1% foreign transaction fee, which adds roughly $20 to $2,000 spent outside the United States.

Inside Skyla Federal Credit Union's filed lineup

There are 9 filings from Skyla Federal Credit Union in this index. Every one of the others that discloses a purchase rate discloses the same 17.95%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

What is outside the disclosure

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 original filing, 3 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 — 17.95% on purchases is near enough to typical. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.