Fortiva Cardholder Agreement and Pricing Addendum October

The Fortiva Cardholder Agreement and Pricing Addendum October 2024 filing from Bank of Missouri, the sets out a purchase APR of 29.99%–36% and a $60 annual fee. Against the 4,587 filings on this site, that rate lands around the 99th percentile.

What the agreement puts on the record

This page covers the agreement Bank of Missouri, the filed for Fortiva Cardholder Agreement and Pricing Addendum October 2024. The filing runs eight 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 rate in context

Rather than a single purchase rate, the document gives a band — 29.99% at the bottom, 36% at the top, 6.01 points wide. The agreement discloses the range without disclosing how an account is placed within it.

The floor of that band sits at about the 77th percentile of filed purchase rates; the ceiling sits at about the 99th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

What the rate means in dollars

At the disclosed purchase APR, $1,000 revolving for a full year costs something like $433 in interest.

On a median-priced agreement from this index (21.99%) the same $1,000 would run about $246 a year, so this card costs in the region of $187 more annually for the identical balance.

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

Holding the card costs $60 a year before any transaction takes place — about the 90th percentile among agreements in this index that state a fee.

One way to size that fee: at the card's own purchase rate of 36%, $60 is roughly the interest a balance of about $167 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

For cash advances the filing discloses a cash advance fee of $10 or 5% of the advance, whichever is greater and a cash advance APR of 32.99%. $200 is the crossover point where the percentage overtakes the $10 minimum.

The transfer fee is 3% of the amount transferred; transferred balances then run at 32.99%. On $1,000 that fee is about $30 before any interest is charged.

The filing sets a 3% foreign transaction fee, which adds roughly $45 to $1,500 spent outside the United States.

That is at the high end of this corpus — around the 91st percentile of disclosed foreign transaction fees.

Penalty pricing and late fees

$41 is the disclosed ceiling on a late payment fee, placing it near the 89th percentile of the set.

The grace period

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. That matches the 25-day median across the corpus almost exactly.

The issuer's other agreements

120 separate Bank of Missouri, the filings appear in the corpus. The issuer's own range is 24.9%–36%. At 36%, this agreement is dearer than 112 of its siblings.

Its $60 annual fee is higher than 34 of the 79 sibling filings that state one.

The limits of this document

Absent from the captured terms: penalty pricing. The original document is the place to look for any of these.

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

Everything here is a reading of the filed agreement, eight pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

This is an expensive agreement by the standards of the corpus, driven by a 36% purchase rate that is inert for a transactor and punishing for a revolver. Note that the $60 annual fee falls due whether the card is used or not.