Choice Privileges Mastercard Credit Card Agreement

Wells Fargo Bank's filed agreement for Choice Privileges Mastercard Credit Card Agreement discloses a 12.99% purchase APR and no annual fee. The purchase rate sits at roughly the 10th percentile of the 4,587 agreements indexed here.

On the face of the filing

What follows is drawn entirely from Wells Fargo Bank's CFPB filing for Choice Privileges Mastercard Credit Card Agreement. The filing runs 20 pages, and It is issued on the Mastercard network.

Terms captured from the document include 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.

How the purchase rate compares

The purchase APR of 12.99% places this agreement around the 10th percentile of the set — it sits well down in the cheaper fifth of the set.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

Translating the rate into money

Carry $5,000 on this card for a year without paying it down and the purchase rate alone generates roughly $693 in interest.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $536 annually against that benchmark.

There is also a floor: the filing sets a minimum interest charge of $1, so any cycle that accrues less than that is billed at $1 anyway.

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

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.

Cash advances carry a cash advance fee of $10 or 5% of the advance, whichever is greater and a cash advance APR of 22.74%. The premium over purchases is 9.75 percentage points.

Moving a balance onto this card carries an up-front charge of 5% of the amount transferred, with the transferred balance priced at 22.74%. On $1,000 that fee is about $50 before any interest is charged.

The foreign transaction fee is zero — a minority position in this corpus, where roughly 22% of disclosing filings waive it.

When a payment is late

The maximum late fee is $40 — roughly the 72nd percentile of the late fee ceilings disclosed across this index.

The no-interest path

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

The $1 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

How it sits in the issuer's own range

This is one of 28 Wells Fargo Bank agreements collected here. Their disclosed purchase rates run from 9.74% to 28.99%, and this one at 12.99% is more expensive than 9 of them.

8 of the issuer's other 13 disclosing filings are likewise fee-free.

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.

Go to the source

The filed PDF is linked from this page and runs 20 pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

At 12.99% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.