Visa Secured Disclosure

On the record for Visa Secured Disclosure: a 14.8% purchase APR and no annual fee, filed by Americas First Federal Credit Union. Against the 4,587 filings on this site, that rate lands around the 14th percentile.

On the face of the filing

Americas First Federal Credit Union submitted the terms for Visa Secured Disclosure to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs one page.

The filing is explicit about 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 foreign transaction fee are not stated.

A secured agreement

Secured cards work against a deposit held by the issuer. The rate and fee figures summarised here say nothing about the size of that deposit or the terms attached to it, both of which are matters for the agreement text itself.

For context, the 14.8% purchase rate lands around the 14th percentile of all the agreements on this site, which is the useful comparison regardless of the deposit.

The purchase APR against the corpus

Measured against every other filing on the site, 14.8% is about the 14th percentile for purchase APR; it sits well down in the cheaper fifth of the set.

What the rate means in dollars

Carry $2,500 on this card for a year without paying it down and the purchase rate alone generates roughly $399 in interest.

A typical filing in this index would charge about $615 on that balance; this one is roughly $216 a year below it.

Per statement cycle that is on the order of $30.59 on $2,500, which is the number that actually shows up on a bill.

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.

Default pricing

On the fee side, a late payment can cost up to $27, which is around the 45th percentile here.

Where the fees are

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 14.8%. 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 14.8% balance transfer rate without an accompanying fee figure.

Grace period and minimum charge

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

The issuer's other agreements

Americas First Federal Credit Union has 11 agreements indexed on this site. Across that lineup purchase rates span 7.8% to 14.8%; this filing's 14.8% sits above 4 of the comparable ones.

On fees, 4 of the 5 sibling filings that disclose an annual fee also set it at zero — this one is among them.

What is outside the disclosure

This page cannot tell you a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Reading the agreement yourself

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 14.8% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. The absence of an annual fee means the rate is the only thing that can make this card expensive.