Credit Card Application

The Credit Card Application 9 11 2024 filing from Southern Credit Union, the sets out a purchase APR of 6.75%–8.9% and a $25 annual fee. Against the 4,587 filings on this site, that rate lands around the 3rd percentile.

What the agreement puts on the record

Credit Card Application 9 11 2024 is one of the agreements Southern Credit Union, the has on file with the CFPB. The filing runs seven pages, and It is issued on the Visa network.

The disclosure covers a purchase rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. It is silent on a cash advance rate, a balance transfer rate and a penalty rate.

Where the purchase APR sits

The purchase APR is quoted as a range of 6.75% to 8.9%. That 2.15-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

The floor of that band sits at about the 3rd percentile of filed purchase rates; the ceiling sits at about the 3rd. In corpus terms the same card can be cheap or expensive depending on how it is priced.

Translating the rate into money

The purchase rate turns a $5,000 revolving balance into roughly $465 of annual interest.

A typical filing in this index would charge about $1,229 on that balance; this one is roughly $764 a year below it.

Month to month it reads as about $36.70 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.

Fees, and what triggers them

The annual fee is $25, charged whether or not the card is used. Against the filings here that disclose a fee, that sits at roughly the 78th percentile.

One way to size that fee: at the card's own purchase rate of 8.9%, $25 is roughly the interest a balance of about $281 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

A first-year waiver applies according to the document — the $25 begins biting in year two.

No foreign transaction fee is charged, which puts this filing in the roughly 22% of disclosing agreements here that do not take a cut of overseas spending.

What a missed payment costs

On the fee side, a late payment can cost up to $29, which is around the 47th percentile here.

Grace period and minimum charge

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.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

What you cannot learn from the filing

This page cannot tell you anything about cash advances, balance transfer terms and penalty pricing, because the filing's disclosure table as read does not contain them.

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.

The document itself

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

At 8.9% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. Against that sits the $25 annual fee, which is unavoidable once the account is open.