One Key+ Mastercard Account Agreement

The One Key+ Mastercard Account Agreement filing from Wells Fargo Bank sets out a 11.74% purchase APR and a $99 annual fee. That purchase rate ranks near the 7th percentile across this corpus of 4,587 filings.

What this filing discloses

Wells Fargo Bank submitted the terms for One Key+ Mastercard Account Agreement to the CFPB's agreement database; this is what they contain. It is issued on the Mastercard network and the filing runs 22 pages.

The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. It is silent on a penalty rate.

The purchase APR against the corpus

Ranked against the corpus, this purchase APR — 11.74% — sits at approximately the 7th percentile and reads as inexpensive against the rest of the filings.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The arithmetic of revolving

Carry $1,000 on this card for a year without paying it down and the purchase rate alone generates roughly $125 in interest.

Measured against the 21.99% corpus median, the same $1,000 costs approximately $121 less per year here.

Month to month it reads as about $9.69 per cycle on that balance.

Note the $1 minimum interest charge, which overrides the arithmetic above whenever the calculated interest falls below it.

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.

Paying in full

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.

A minimum interest charge of $1 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

The downside terms

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

Charges beyond interest

The annual fee is $99, charged whether or not the card is used. Against the filings here that disclose a fee, that sits at roughly the 93rd percentile.

For scale, $99 is approximately what $843 of revolving balance would cost in interest over twelve months at this card's 11.74% rate.

Cash advances carry a cash advance fee of $10 or 5% of the advance, whichever is greater and a cash advance APR of 21.74%. That is 10 points above the purchase rate. $200 is the crossover point where the percentage overtakes the $10 minimum.

Moving a balance onto this card carries an up-front charge of 5% of the amount transferred, with the transferred balance priced at 21.74%. Transferring $1,000 would cost roughly $50 at the door.

Foreign transactions carry no fee. Only about 22% of the filings here that disclose a foreign transaction fee set it at zero, so this is a genuine point of difference.

The issuer's other agreements

There are 28 filings from Wells Fargo Bank in this index. The issuer's own range is 9.74%–28.99%. At 11.74%, this agreement is dearer than 1 of its siblings.

Among the issuer's other filings that disclose a fee, 13 of 13 come in below this card's $99.

What the filing does not tell you

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 original filing, 22 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

The purchase rate of 11.74% is one of the cheaper figures in this index — the central point in the agreement's favour. Note that the $99 annual fee falls due whether the card is used or not.