MasterCard Application Disclosure

On the record for MasterCard Application Disclosure: a purchase APR of 7.24%–13.24%, no annual fee and a 2.99% introductory rate, filed by Forum Credit Union. That purchase rate ranks near the 11th percentile across this corpus of 4,587 filings.

What the document actually states

What follows is drawn entirely from Forum Credit Union's CFPB filing for MasterCard Application Disclosure. It is issued on the Mastercard 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 and a foreign transaction fee.

What the promotional rate is worth

The filing discloses an introductory rate of 2.99% but no term for it.

Among the 763 filings here that disclose an introductory rate, 2.99% sits at about the 79th percentile.

What matters more than the promotion is the rate waiting behind it: 13.24%. A $3,000 balance that survives the promotional window costs roughly $425 a year from that point on.

Where the purchase APR sits

This is a tiered agreement: the filing discloses a purchase APR anywhere from 7.24% to 13.24%, a spread of 6 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 3rd percentile of filed purchase rates; the ceiling sits at about the 11th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.

This figure is the post-promotional rate. The introductory pricing is handled separately further down.

The arithmetic of revolving

At the disclosed purchase APR, $2,500 revolving for a full year costs something like $354 in interest.

Priced at the median of 21.99%, that balance would generate about $615 in a year — so this agreement comes in around $261 cheaper for the same debt.

Month to month it reads as about $27.35 per cycle on that balance.

These figures are arithmetic on the disclosed rate, not a quote: they assume the balance is never reduced, ignore any payments, and take no account of fees charged separately.

What a missed payment costs

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

The fee structure

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 7.24%. 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 7.24% balance transfer rate without an accompanying fee figure.

Grace period and minimum charge

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

What is outside the disclosure

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

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.

Where the authority sits

This summary stands or falls on the linked PDF — two pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

At 13.24% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.