Secured CC Disclosure 03 2024 Promo Ending

Secured CC Disclosure 03 2024 Promo Ending, as filed by American Eagle Financial Credit Union, carries a 18% purchase APR, no annual fee and a 18% penalty rate. The purchase rate sits at roughly the 34th percentile of the 4,587 agreements indexed here.

What the document actually states

What follows is drawn entirely from American Eagle Financial Credit Union's CFPB filing for Secured CC Disclosure 03 2024 Promo Ending. It is issued on the Visa network and the filing runs one page.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and an annual fee line. No figure appears for a foreign transaction fee.

The row carrying the purchase rate is unlabelled in the original document; it is reported here as the most likely purchase figure rather than a certain one.

What "secured" changes

This is a secured agreement — the credit line is collateralised by a deposit. The disclosure table captured on this page covers pricing only; the mechanics of the deposit live in the body of the document.

It is worth noting that collateral does not automatically mean a cheap rate: at 18%, this filing's purchase APR still sits at about the 34th percentile of the whole corpus, secured and unsecured filings alike.

How the purchase rate compares

Measured against every other filing on the site, 18% is about the 34th percentile for purchase APR; it sits below the middle of the distribution.

What a balance actually costs

The purchase rate turns a $1,000 revolving balance into roughly $197 of annual interest.

Measured against the 21.99% corpus median, the same $1,000 costs approximately $49 less per year here.

Per statement cycle that is on the order of $14.90 on $1,000, which is the number that actually shows up on a bill.

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.

The grace period

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.

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

What a missed payment costs

The agreement discloses penalty pricing of 18% — about the 19th percentile of the 794 penalty rates recorded across this index.

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

The fee structure

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 $10 or 3% of the advance, whichever is greater and a cash advance APR of 18%. The two halves of that fee cross at about $333: below it the flat $10 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.

The transfer fee is $10 or 3% of the amount transferred, whichever is greater; transferred balances then run at 18%. Shifting $2,000 across attracts something like $60 in fees on day one.

Against the rest of American Eagle Financial Credit Union's filings

This is one of 8 American Eagle Financial Credit Union agreements collected here.

What is outside the disclosure

Absent from the captured terms: a foreign transaction fee. The original document is the place to look for any of these.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Go to the source

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

In short

At 18% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. The absence of an annual fee means the rate is the only thing that can make this card expensive.