Carpet Mill Credit Card Account Agreement and Pricing Addendum

Carpet Mill Credit Card Account Agreement and Pricing Addendum, as filed by Synchrony Financial, carries a 34.99% purchase APR and a 39.99% penalty rate. The purchase rate sits at roughly the 84th percentile of the 4,587 agreements indexed here.

The disclosed terms

Synchrony Financial filed this agreement for Carpet Mill Credit Card Account Agreement and Pricing Addendum with the Consumer Financial Protection Bureau. The filing runs five pages.

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

Pricing the purchase rate

Ranked against the corpus, this purchase APR — 34.99% — sits at approximately the 84th percentile and is well above what most issuers disclosed.

What a balance actually costs

Put $1,200 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $502.

A card priced at the corpus median of 21.99% would charge roughly $295 on that balance. This one charges about $207 more per year.

Per statement cycle that is on the order of $34.99 on $1,200, which is the number that actually shows up on a bill.

Note the $2 minimum interest charge, which overrides the arithmetic above whenever the calculated interest falls below it.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

What a missed payment costs

If the account defaults, the filing permits a rate of 39.99%. Among disclosing agreements here that ranks near the 86th percentile.

That is 5 points above the standard purchase rate. On a $2,500 balance, the shift from 34.99% to 39.99% adds something like $182 of interest over a year — the real cost of the default, quite apart from the fee itself.

$41 is the disclosed ceiling on a late payment fee, placing it near the 89th percentile of the set.

Grace period and minimum charge

Purchases carry a 23-day grace period: pay the statement in full inside it and the purchase rate never applies. With a corpus median of 25 days, this window is narrower than the norm.

Where interest applies at all, the filing bills at least $2. On a tiny balance that floor can dwarf the rate itself.

The issuer's other agreements

212 separate Synchrony Financial filings appear in the corpus. Their disclosed purchase rates run from 0% to 34.99%, and this one at 34.99% is more expensive than 35 of them.

What the filing does not tell you

Absent from the captured terms: anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. The original document is the place to look for any of these.

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.

Reading the agreement yourself

The original filing, 5 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 defining fact about this filing is the purchase rate: at 34.99% it is in the expensive band of this corpus, and that cost only materialises for someone who revolves a balance.