College Rewards Visa Card Terms and Conditions

College Rewards Visa Card Terms and Conditions, as filed by Union Bank & Trust, carries a purchase APR of 12.24%–23.24% and no annual fee. Against the 4,587 filings on this site, that rate lands around the 55th percentile.

What the document actually states

College Rewards Visa Card Terms and Conditions is one of the agreements Union Bank & Trust has on file with the CFPB. It is issued on the Visa network and the filing runs three pages.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. No figure appears for a penalty rate and a grace period.

Where the purchase APR sits

Rather than a single purchase rate, the document gives a band — 12.24% at the bottom, 23.24% at the top, 11 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Read against the index, the low end ranks around the 18th percentile and the high end around the 55th — the band straddles a wide stretch of the market this corpus describes.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The cost of carrying a balance

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

A card priced at the corpus median of 21.99% would charge roughly $295 on that balance. This one charges about $19 more per year.

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.

Fees, and what triggers them

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Cash advances carry a cash advance fee of $5 or 3% of the advance, whichever is greater and a cash advance APR of 24.24%. That is 1 points above the purchase rate. The two halves of that fee cross at about $167: below it the flat $5 applies, above it the percentage does. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Balance transfers cost $5 or 3% of the amount transferred, whichever is greater up front and then accrue at 12.24%. On $7,500 that fee is about $225 before any interest is charged.

Foreign transactions attract 3%. On $1,000 of overseas spending that is $30, charged on top of whatever exchange rate applies.

That is at the high end of this corpus — around the 91st percentile of disclosed foreign transaction fees.

Default pricing

The maximum late fee is $37 — roughly the 59th percentile of the late fee ceilings disclosed across this index.

Grace period and minimum charge

The $2 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

The issuer's other agreements

This is one of 7 Union Bank & Trust agreements collected here. Their disclosed purchase rates run from 21.24% to 23.24%, and this one at 23.24% is more expensive than 2 of them.

3 of the issuer's other 6 disclosing filings are likewise fee-free.

The limits of this document

Absent from the captured terms: a grace period and penalty pricing. 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.

Go to the source

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

In short

The pricing here is middling by the standards of the index — 23.24% on purchases is near enough to typical. The absence of an annual fee means the rate is the only thing that can make this card expensive.