Visa Credit Card Disclosures

Elements Financial Federal Credit Union's filed agreement for Visa Credit Card Disclosures discloses a 12.99% purchase APR, no annual fee and a six-month 0% opening period. Against the 4,587 filings on this site, that rate lands around the 10th percentile.

What the agreement puts on the record

Elements Financial Federal Credit Union submitted the terms for Visa Credit Card Disclosures to the CFPB's agreement database; this is what they contain. The filing runs seven pages, and It is issued on the Visa network.

On the record here: a purchase rate, a cash advance rate, an annual fee line, a late payment maximum and a grace period. It is silent on a balance transfer rate, a penalty rate and a foreign transaction fee.

What the promotional rate is worth

This agreement opens at 0% for six months, the only period in the document where carrying a balance is free.

Zero-percent openings appear in roughly 458 of the filings on this site, which puts this agreement in a sizeable minority rather than a class of its own.

Behind the promotion sits a 12.99% purchase rate. On $3,000 that is in the region of $416 a year once the window closes.

The promotional window is therefore worth something on the order of $208 on $3,000, measured against the same balance priced at the standard rate for the same period.

Where the purchase APR sits

Measured against every other filing on the site, 12.99% is about the 10th percentile for purchase APR; it reads as inexpensive against the rest of the filings.

The arithmetic of revolving

A $5,000 balance left untouched for twelve months accrues about $693 in interest at this purchase rate.

A typical filing in this index would charge about $1,229 on that balance; this one is roughly $536 a year below it.

Per statement cycle that is on the order of $53.66 on $5,000, which is the number that actually shows up on a bill.

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.

When a payment is late

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

What the card costs before you borrow

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

For cash advances the filing discloses a cash advance APR of 15.99%. Cash is therefore 3 points dearer than buying something with the card. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Paying in full

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

How it sits in the issuer's own range

This is one of 3 Elements Financial Federal Credit Union agreements collected here.

The limits of this document

This page cannot tell you balance transfer terms, a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

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, seven pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

The purchase rate of 12.99% is one of the cheaper figures in this index — the central point in the agreement's favour.