2022 07 01 Application and Solicitation Disclosure

On the record for 2022 07 01 Application and Solicitation Disclosure: a purchase APR of 9.49%–18.99%, no annual fee and a 3.99% introductory rate, filed by Bayport Federal Credit Union. The purchase rate sits at roughly the 40th percentile of the 4,587 agreements indexed here.

What the agreement puts on the record

Bayport Federal Credit Union submitted the terms for 2022 07 01 Application and Solicitation Disclosure to the CFPB's agreement database; this is what they contain. The filing runs two 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. A penalty rate is not stated.

This document discloses several products inside a single rate table. That means the numbers below are the ones the table contains, not necessarily the ones attached to this particular card — the filing itself is the only way to tell them apart.

What the promotional rate is worth

A promotional rate of 3.99% applies for 12 months under this agreement — lower than the standard rate, but not free.

Among the 763 filings here that disclose an introductory rate, 3.99% sits at about the 85th percentile.

Once the introductory period ends the rate becomes 18.99%, which turns a lingering $2,000 balance into approximately $418 of annual interest.

Pricing the purchase rate

The purchase APR is quoted as a range of 9.49% to 18.99%. That 9.5-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

Read against the index, the low end ranks around the 8th percentile and the high end around the 40th — the band straddles a wide stretch of the market this corpus describes.

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.

What a balance actually costs

The purchase rate turns a $1,500 revolving balance into roughly $314 of annual interest.

The corpus median purchase rate is 21.99%, which on the same $1,500 would cost about $369 a year. This filing saves roughly $55 annually against that benchmark.

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.

What the card costs before you borrow

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 APR of 9.49%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 9.49% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 1.1%. On $2,000 of overseas spending that is $22, charged on top of whatever exchange rate applies.

When a payment is late

$20 is the disclosed ceiling on a late payment fee, placing it near the 17th 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.

Against the rest of Bayport Federal Credit Union's filings

Bayport Federal Credit Union has 6 agreements indexed on this site. The issuer's own range is 18%–20.49%. At 18.99%, this agreement is dearer than 1 of its siblings.

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

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

In short

At 18.99% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. With no annual fee, the cost of the account is entirely a function of whether a balance is carried. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.