Visa Select

The Visa Select filing from Farmers Insurance Federal Credit Union sets out a purchase APR of 8.99%–18% and no annual fee. Against the 4,587 filings on this site, that rate lands around the 34th percentile.

What this filing discloses

What follows is drawn entirely from Farmers Insurance Federal Credit Union's CFPB filing for Visa Select. It is issued on the Visa network and the filing runs two pages.

The filing is explicit about 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.

How the purchase rate compares

This is a tiered agreement: the filing discloses a purchase APR anywhere from 8.99% to 18%, a spread of 9.01 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

The floor of that band sits at about the 7th percentile of filed purchase rates; the ceiling sits at about the 34th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

What the rate means in dollars

At the disclosed purchase APR, $3,000 revolving for a full year costs something like $591 in interest.

Measured against the 21.99% corpus median, the same $3,000 costs approximately $146 less per year here.

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

The no-interest path

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.

Penalty pricing and late fees

$30 is the disclosed ceiling on a late payment fee, placing it near the 49th percentile of the set.

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.

Taking cash against the card means a cash advance APR of 8.99%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 8.99% balance transfer rate without an accompanying fee figure.

Foreign transactions attract 1%. On $1,500 of overseas spending that is $15, charged on top of whatever exchange rate applies.

How it sits in the issuer's own range

There are 4 filings from Farmers Insurance Federal Credit Union in this index. Every one of the others that discloses a purchase rate discloses the same 18%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

1 of the issuer's other 2 disclosing filings are likewise fee-free.

The limits of this document

The disclosure parsed here does not state penalty pricing. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

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.

Reading the agreement yourself

The filed PDF is linked from this page and runs two pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

18% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.