Visa More Rewards Federal and Secured Agreement and Disclosure (2)

Certified Federal Credit Union's filed agreement for Visa More Rewards Federal and Secured Agreement and Disclosure (2) discloses a purchase APR of 8.9%–16.9% and a 17.9% penalty rate. Against the 4,587 filings on this site, that rate lands around the 20th percentile.

On the face of the filing

Certified Federal Credit Union submitted the terms for Visa More Rewards Federal and Secured Agreement and Disclosure (2) to the CFPB's agreement database; this is what they contain. The filing runs four pages, and It is issued on the Visa network.

Terms captured from the document include a purchase rate, a penalty rate, a late payment maximum and a foreign transaction fee. It is silent on a cash advance rate, a balance transfer rate and an annual fee line.

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.

Securing the line has not placed this agreement at the bottom of the market — 16.9% ranks near the 20th percentile across every filing indexed here.

Where the purchase APR sits

This is a tiered agreement: the filing discloses a purchase APR anywhere from 8.9% to 16.9%, a spread of 8 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 6th percentile and the high end around the 20th — the band straddles a wide stretch of the market this corpus describes.

The cost of carrying a balance

The purchase rate turns a $4,000 revolving balance into roughly $736 of annual interest.

Measured against the 21.99% corpus median, the same $4,000 costs approximately $247 less per year here.

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.

Fees, and what triggers them

Taking cash against the card means a cash advance fee of $5 or 2% of the advance, whichever is greater. The two halves of that fee cross at about $250: below it the flat $5 applies, above it the percentage does.

Foreign transactions attract 1%. On $1,000 of overseas spending that is $10, charged on top of whatever exchange rate applies.

Penalty pricing and late fees

A penalty APR of 17.9% sits in this filing, applied when the account falls into default as the agreement defines it. Against the 794 filings here that disclose one, that is roughly the 8th percentile.

On the fee side, a late payment can cost up to $29, which is around the 47th percentile here.

Grace period and minimum charge

The $0.50 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

What is outside the disclosure

This page cannot tell you balance transfer terms, an annual fee and a grace period, because the filing's disclosure table as read does not contain them.

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 original filing, 4 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

At 16.9% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.