Step Visa Card and Secured Account Agreement FINAL VERSION (Evolve 9 26 2022)

On the record for Step Visa Card and Secured Account Agreement FINAL VERSION (Evolve 9 26 2022): a 0% purchase APR and a 0% penalty rate, filed by Evolve Bank & Trust. The purchase rate sits at roughly the 1st percentile of the 4,587 agreements indexed here.

What this filing discloses

Evolve Bank & Trust filed this agreement for Step Visa Card and Secured Account Agreement FINAL VERSION (Evolve 9 26 2022) with the Consumer Financial Protection Bureau. The filing runs 63 pages, and It is issued on the Visa network.

The filing is explicit about a purchase rate, a penalty rate, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a cash advance rate, a balance transfer rate and an annual fee line.

Collateral and the deposit

The product name identifies this as a secured card, which means the account is backed by a deposit the cardholder provides. The filing indexed here discloses rates and fees; it is the agreement text that governs how the deposit is held, when it is applied and under what conditions it is returned.

For context, the 0% purchase rate lands around the 1st percentile of all the agreements on this site, which is the useful comparison regardless of the deposit.

Pricing the purchase rate

Ranked against the corpus, this purchase APR — 0% — sits at approximately the 1st percentile and sits in the bottom few percent of everything filed.

The arithmetic of revolving

At the disclosed purchase APR, $2,000 revolving for a full year costs something like $0 in interest.

A typical filing in this index would charge about $492 on that balance; this one is roughly $492 a year below it.

Per statement cycle that is on the order of $0 on $2,000, 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.

Fees, and what triggers them

The foreign transaction fee is zero — a minority position in this corpus, where roughly 22% of disclosing filings waive it.

Penalty pricing and late fees

The agreement discloses penalty pricing of 0% — about the 0th percentile of the 794 penalty rates recorded across this index.

On the fee side, a late payment can cost up to $0, which is around the 2nd percentile here.

The grace period

Anyone clearing the statement balance inside 21 days pays no purchase interest at all under this filing. The typical filing here allows 25 days, so this one is tighter than most.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

What the filing does not tell you

Absent from the captured terms: anything about cash advances, balance transfer terms and an annual fee. The original document is the place to look for any of these.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

This filing was also long enough to be truncated during processing, so later pages of the agreement were not read at all.

Against the rest of Evolve Bank & Trust's filings

There are 8 filings from Evolve Bank & Trust in this index. Across that lineup purchase rates span 0% to 29.49%; this filing's 0% sits above 0 of the comparable ones.

Go to the source

The original filing, 63 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 0% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.