ip spc visa

Pricing in Commerce Bank's ip spc visa agreement is expressed relative to the Prime Rate. This review treats those figures as margins, which is what they are, and compares the fee terms that can be compared.

What the agreement puts on the record

Commerce Bank filed this agreement for ip spc visa with the Consumer Financial Protection Bureau. It is issued on the Visa network and the filing runs one page.

Terms captured from the document include a penalty rate, a late payment maximum, a foreign transaction fee and a grace period. A purchase rate, a cash advance rate and a balance transfer rate are not stated.

The disclosure table in this document parsed only moderately cleanly; the numbers are reported as read, with that caveat attached.

Margins, not APRs

Pricing here is disclosed in the form "Prime plus a margin". The numbers in this document are therefore the margin component only, and cannot be read as the cost of borrowing on their own.

The margins captured from the filing are 23.99 points for penalty pricing.

The practical consequence is that this card has no single disclosed price. The cost of carrying a balance moves whenever the Prime Rate moves, in lockstep and without notice, and no arithmetic on this page can tell you what it costs today.

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

The grace period

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

Where interest applies at all, the filing bills at least $2.50. On a tiny balance that floor can dwarf the rate itself.

The downside terms

Late payments are capped at $40 under this filing, about the 72nd percentile of late fee maximums in the corpus.

Fees, and what triggers them

For cash advances the filing discloses a cash advance fee of $10 or 5% of the advance, whichever is greater.

A balance transfer costs $10 or 5% of the amount transferred, whichever is greater up front. The filing does not separately state the rate applied to transferred balances. On $1,000 that fee is about $50 before any interest is charged.

Foreign transactions attract 2%. On $1,500 of overseas spending that is $30, charged on top of whatever exchange rate applies.

How it sits in the issuer's own range

165 separate Commerce Bank filings appear in the corpus.

The limits of this document

Absent from the captured terms: a purchase rate and an annual fee. 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.

The document itself

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

The honest summary is that this filing discloses a structure rather than a price. The margins are real and comparable to each other; the cost of borrowing is whatever Prime makes it.