SECU Cash Back Visa Disclosure Agreeement

On the record for SECU Cash Back Visa Disclosure Agreeement: a purchase APR of 17.74%–24%, no annual fee and a 12-month 0% opening period, filed by State Employees Credit Union of Maryland. That purchase rate ranks near the 58th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

State Employees Credit Union of Maryland submitted the terms for SECU Cash Back Visa Disclosure Agreeement to the CFPB's agreement database; this is what they contain. The filing runs ten pages, and It is issued on the Visa network.

The filing is explicit about a purchase rate, a balance transfer rate, an annual fee line, a late payment maximum and a foreign transaction fee. A cash advance rate and a penalty rate are not stated.

The interest-free window

The filing discloses a 0% introductory rate running 12 months. For that window, balances covered by the promotion accrue no interest at all.

Roughly 458 of the 4,587 filings indexed here disclose a zero-percent introductory rate, so this is a real feature of the document but not a rare one.

Behind the promotion sits a 24% purchase rate. On $1,000 that is in the region of $271 a year once the window closes.

Put the other way round, the 12-month zero rate is worth roughly $271 on a $1,000 balance relative to paying the go-to rate from day one — a real figure, but one that only materialises for someone who was going to carry that balance anyway.

Where the purchase APR sits

Rather than a single purchase rate, the document gives a band — 17.74% at the bottom, 24% at the top, 6.26 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Those two numbers occupy very different places in the corpus: roughly the 48th percentile at the bottom and the 58th at the top.

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.

The arithmetic of revolving

At the disclosed purchase APR, $1,200 revolving for a full year costs something like $325 in interest.

Against the corpus median of 21.99%, that is approximately $30 a year of extra interest on the same $1,200.

Month to month it reads as about $23.90 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.

Where the fees are

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

The transfer fee is 0% of the amount transferred; transferred balances then run at 3%. Transferring $2,000 would cost roughly $0 at the door.

Foreign transactions carry no fee. Only about 22% of the filings here that disclose a foreign transaction fee set it at zero, so this is a genuine point of difference.

What a missed payment costs

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

Grace period and minimum charge

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

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

The disclosure parsed here does not state penalty pricing. 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.

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.

How it sits in the issuer's own range

This is one of 9 State Employees Credit Union of Maryland agreements collected here. Across that lineup purchase rates span 18.24% to 24%; this filing's 24% sits above 5 of the comparable ones.

Go to the source

The filed PDF is linked from this page and runs ten pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

24% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.