future consumer credit card agreement

The future consumer credit card agreement 010226 filing quotes margins over Prime instead of finished rates. What that leaves knowable — and what it does not — is the subject of this analysis.

What the agreement puts on the record

future consumer credit card agreement 010226 is one of the agreements Truist Bank has on file with the CFPB. The filing runs 19 pages.

Terms captured from the document include an annual fee line, a late payment maximum and a grace period. A purchase rate, a cash advance rate and a balance transfer rate are not stated.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

A margin over Prime, not a rate

What this agreement discloses is a set of margins added to the Prime Rate. Until Prime is supplied, none of these figures is an APR, and this page will not treat them as one.

The practical consequence is that this card has no single disclosed price. The cost of carrying a balance moves whenever the Prime Rate moves, in lockstep and without notice, and no arithmetic on this page can tell you what it costs today.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

The downside terms

Late payments are capped at $40 under this filing, about the 72nd percentile of late fee maximums in the corpus.

The fee structure

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.

A balance transfer costs $10 or 4% of the amount transferred, whichever is greater up front. The filing does not separately state the rate applied to transferred balances. On $7,500 that fee is about $300 before any interest is charged.

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.

Inside Truist Bank's filed lineup

There are 6 filings from Truist Bank in this index.

What is outside the disclosure

The disclosure parsed here does not state a purchase rate, a foreign transaction fee and 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.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

The document itself

Everything here is a reading of the filed agreement, 19 pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

The honest summary is that this filing discloses a structure rather than a price. The margins are real and comparable to each other; the cost of borrowing is whatever Prime makes it.