2022 10 01 Application and Solicitation Disclosure

Bayport Federal Credit Union's filed agreement for 2022 10 01 Application and Solicitation Disclosure discloses a purchase APR of 10.99%–20.49%, no annual fee and a 3.99% introductory rate. That purchase rate ranks near the 43rd percentile across this corpus of 4,587 filings.

On the face of the filing

2022 10 01 Application and Solicitation Disclosure is one of the agreements Bayport Federal Credit Union has on file with the CFPB. It is issued on the Mastercard network and the filing runs two pages.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. No figure appears for a penalty rate.

The filing bundles multiple products into one disclosure table. Any figure quoted here may describe a related card in the same filing, so the PDF should be read before treating these numbers as this card's own.

Introductory pricing

For the first 12 months the filing sets a reduced rate of 3.99%. Balances still cost something during that window.

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

What matters more than the promotion is the rate waiting behind it: 20.49%. A $1,000 balance that survives the promotional window costs roughly $227 a year from that point on.

Pricing the purchase rate

Purchases price between 10.99% and 20.49% under this filing. The 9.5-point gap between the two is material, and nothing in the agreement indicates where a given account would land.

Read against the index, the low end ranks around the 14th percentile and the high end around the 43rd — 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.

The arithmetic of revolving

At the disclosed purchase APR, $2,500 revolving for a full year costs something like $568 in interest.

A typical filing in this index would charge about $615 on that balance; this one is roughly $46 a year below it.

Per statement cycle that is on the order of $42.45 on $2,500, which is the number that actually shows up on a bill.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

Default pricing

The maximum late fee is $20 — roughly the 17th percentile of the late fee ceilings disclosed across this index.

The fee structure

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.

Cash advances carry a cash advance APR of 10.99%.

The filing discloses a 10.99% balance transfer rate without an accompanying fee figure.

Spending abroad costs an extra 1.1% — about $17 on $1,500 of purchases, independent of interest.

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

6 separate Bayport Federal Credit Union filings appear in the corpus. Their disclosed purchase rates run from 18% to 18.99%, and this one at 20.49% is more expensive than 3 of them.

What the filing does not tell you

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

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

Go to the source

The original filing, 2 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 pricing here is middling by the standards of the index — 20.49% on purchases is near enough to typical. With no annual fee, the cost of the account is entirely a function of whether a balance is carried. And because the filing covers several products in one table, even the figures that are right may belong to a different card.