SECU FirstRate Visa Disclosure Agreement

SECU FirstRate Visa Disclosure Agreement, as filed by State Employees Credit Union of Maryland, carries a purchase APR of 15.24%–23.24%, no annual fee and a 12-month 0% opening period. The purchase rate sits at roughly the 55th percentile of the 4,587 agreements indexed here.

What this filing discloses

State Employees Credit Union of Maryland submitted the terms for SECU FirstRate Visa Disclosure Agreement 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 promotional period

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.

What matters more than the promotion is the rate waiting behind it: 23.24%. A $2,000 balance that survives the promotional window costs roughly $523 a year from that point on.

The promotional window is therefore worth something on the order of $523 on $2,000, measured against the same balance priced at the standard rate for the same period.

The purchase rate in context

The purchase APR is quoted as a range of 15.24% to 23.24%. That 8-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 35th percentile of filed purchase rates; the ceiling sits at about the 55th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

What a balance actually costs

A $1,200 balance left untouched for twelve months accrues about $314 in interest at this purchase rate.

On a median-priced agreement from this index (21.99%) the same $1,200 would run about $295 a year, so this card costs in the region of $19 more annually for the identical 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

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

Balance transfers cost 0% of the amount transferred up front and then accrue at 3%. On $3,000 that fee is about $0 before any interest is charged.

The foreign transaction fee is zero — a minority position in this corpus, where roughly 22% of disclosing filings waive it.

Penalty pricing and late fees

On the fee side, a late payment can cost up to $25, which is around the 32nd percentile here.

The no-interest path

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

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

What you cannot learn from the filing

Absent from the captured terms: penalty pricing. The original document is the place to look for any of these.

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.

Against the rest of State Employees Credit Union of Maryland's filings

This is one of 9 State Employees Credit Union of Maryland agreements collected here. The issuer's own range is 18.24%–24%. At 23.24%, this agreement is dearer than 3 of its siblings.

The document itself

The original filing, 10 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

23.24% 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.