Solicitation Notice

On the record for Solicitation Notice 10 1 2022: no annual fee, filed by Summit Credit Union.

What the agreement puts on the record

Summit Credit Union filed this agreement for Solicitation Notice 10 1 2022 with the Consumer Financial Protection Bureau. The filing runs three pages, and It is issued on the Visa network.

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

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

What the card costs before you borrow

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.

Cash advances carry a cash advance fee of $3.

A balance transfer costs $10 or 3% of the amount transferred, whichever is greater up front. The filing does not separately state the rate applied to transferred balances. Transferring $7,500 would cost roughly $225 at the door.

The filing sets a 1% foreign transaction fee, which adds roughly $30 to $3,000 spent outside the United States.

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.

The downside terms

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

Against the rest of Summit Credit Union's filings

This is one of 44 Summit Credit Union agreements collected here. Their disclosed purchase rates run from 12.4% to 20.9%, though this particular filing does not state one in comparable form.

The limits of this document

Absent from the captured terms: a purchase rate and 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.

Go to the source

Everything here is a reading of the filed agreement, three pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

Extraction confidence here is not high, so the conclusions above are provisional on the PDF agreeing with them.