VISA Platinum OptimUM Account Opening Disclosure

VISA Platinum OptimUM Account Opening Disclosure, as filed by University of Michigan Credit Union, carries a 8.99% purchase APR and no annual fee. Against the 4,587 filings on this site, that rate lands around the 4th percentile.

What the document actually states

This page covers the agreement University of Michigan Credit Union filed for VISA Platinum OptimUM Account Opening Disclosure. 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. A penalty rate is not stated.

Pricing the purchase rate

Ranked against the corpus, this purchase APR — 8.99% — sits at approximately the 4th percentile and lands at the extreme low end of the filings.

What a balance actually costs

Put $4,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $376.

A typical filing in this index would charge about $983 on that balance; this one is roughly $607 a year below it.

These figures are arithmetic on the disclosed rate, not a quote: they assume the balance is never reduced, ignore any payments, and take no account of fees charged separately.

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.

Taking cash against the card means a cash advance APR of 8.99%. 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 8.99% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 1%. On $1,000 of overseas spending that is $10, charged on top of whatever exchange rate applies.

Penalty pricing and late fees

Late payments are capped at $35 under this filing, about the 54th percentile of late fee maximums in the corpus.

Grace period and minimum charge

Purchases carry a 27-day grace period: pay the statement in full inside it and the purchase rate never applies. The median across this index is 25 days, so this filing is more generous than most.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

How it sits in the issuer's own range

4 separate University of Michigan Credit Union filings appear in the corpus. The issuer's own range is 8.99%–12.99%. At 8.99%, this agreement is dearer than 0 of its siblings.

What is outside the disclosure

The disclosure parsed here does not state 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.

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.

Where the authority sits

The original filing, 3 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

8.99% places this filing at the inexpensive end of the set, which is the headline here. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.