Freely Rewards Visa Card Summary of Credit Terms

Freely Rewards Visa Card Summary of Credit Terms, as filed by Union Bank, carries a purchase APR of 13.99%–23.99%, no annual fee and a 12-month 0% opening period. That purchase rate ranks near the 57th percentile across this corpus of 4,587 filings.

What this filing discloses

Union Bank filed this agreement for Freely Rewards Visa Card Summary of Credit Terms with the Consumer Financial Protection Bureau. It is issued on the Visa network and the filing runs five pages.

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

The interest-free window

A 12-month promotional period at 0% is on the record here — during it, qualifying balances cost nothing to carry.

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: 23.99%. A $2,500 balance that survives the promotional window costs roughly $678 a year from that point on.

Put the other way round, the 12-month zero rate is worth roughly $678 on a $2,500 balance relative to paying the go-to rate from day one — a real figure, but one that only materialises for someone who was going to carry that balance anyway.

The purchase APR against the corpus

This is a tiered agreement: the filing discloses a purchase APR anywhere from 13.99% to 23.99%, a spread of 10 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

The floor of that band sits at about the 27th percentile of filed purchase rates; the ceiling sits at about the 57th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

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

To be precise about which number this is: the filing identifies it as the rate that takes over after the introductory period, not the introductory rate.

What the rate means in dollars

A $5,000 balance left untouched for twelve months accrues about $1,355 in interest at this purchase rate.

The median purchase rate across the corpus is 21.99%; the same balance there would cost about $1,229. The gap — roughly $126 a year on $5,000 — is the price of this particular filing over a typical one.

Broken down to a single thirty-day cycle, the same balance accrues roughly $99.53.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

What the card costs before you borrow

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.

For cash advances the filing discloses a cash advance fee of $15 or 5% of the advance, whichever is greater and a cash advance APR of 25.25%. Cash is therefore 1.26 points dearer than buying something with the card. $300 is the crossover point where the percentage overtakes the $15 minimum. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 13.99% balance transfer rate without an accompanying fee figure.

No foreign transaction fee is charged, which puts this filing in the roughly 22% of disclosing agreements here that do not take a cut of overseas spending.

Penalty pricing and late fees

No penalty APR appears in this filing by design — the document says there is none, which removes the single largest cost of a missed payment in most agreements here.

On the fee side, a late payment can cost up to $37, which is around the 59th percentile here.

The grace period

A minimum interest charge of $1.75 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

Inside Union Bank's filed lineup

This is one of 7 Union Bank agreements collected here. The issuer's own range is 18.99%–23.99%. At 23.99%, this agreement is dearer than 2 of its siblings.

3 of the issuer's other 5 disclosing filings are likewise fee-free.

The limits of this document

The disclosure parsed here does not state a grace period. 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.

Where the authority sits

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

In short

23.99% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern.