Premier Platinum MasterCard Credit Card Agreement and Disclosure

On the record for Premier Platinum MasterCard Credit Card Agreement and Disclosure: a 5.5% purchase APR and a six-month 0% opening period, filed by Firstmerit Bank N. a. The purchase rate sits at roughly the 2nd percentile of the 4,587 agreements indexed here.

On the face of the filing

Firstmerit Bank N. a filed this agreement for Premier Platinum MasterCard Credit Card Agreement and Disclosure with the Consumer Financial Protection Bureau. The filing runs seven pages, and It is issued on the Mastercard network.

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

Zero percent, and then what

A six-month promotional period at 0% is on the record here — during it, qualifying balances cost nothing to carry.

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.

Once the introductory period ends the rate becomes 5.5%, which turns a lingering $2,500 balance into approximately $141 of annual interest.

Put the other way round, the six-month zero rate is worth roughly $71 on a $2,500 balance relative to paying the go-to rate from day one — a real figure, but one that only materialises for someone who was going to carry that balance anyway.

The purchase APR against the corpus

Ranked against the corpus, this purchase APR — 5.5% — sits at approximately the 2nd percentile and is lower than almost every other agreement here.

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

The rate discussed in this section is the go-to rate — the one that applies once the promotional period described below has ended, not the promotional rate itself.

What a balance actually costs

Put $3,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $170.

The corpus median purchase rate is 21.99%, which on the same $3,000 would cost about $738 a year. This filing saves roughly $568 annually against that benchmark.

Month to month it reads as about $13.59 per cycle on that balance.

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

Paying in full

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

Penalty pricing and late fees

Late payments are capped at $25 under this filing, about the 32nd percentile of late fee maximums in the corpus.

Charges beyond interest

Cash advances carry a cash advance fee of $15 or 5% of the advance, whichever is greater. Advances under roughly $300 are charged the flat $15; larger ones are charged 5%.

Moving a balance onto this card carries an up-front charge of 3% of the amount transferred, with the transferred balance priced at 9.75%. Shifting $5,000 across attracts something like $150 in fees on day one.

Foreign transactions attract 3%. On $2,000 of overseas spending that is $60, charged on top of whatever exchange rate applies.

That is at the high end of this corpus — around the 91st percentile of disclosed foreign transaction fees.

The issuer's other agreements

There are 3 filings from Firstmerit Bank N. a in this index.

What you cannot learn from the filing

Absent from the captured terms: an annual fee and penalty pricing. The original document is the place to look for any of these.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

Reading the agreement yourself

The original filing, 7 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 5.5% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.