Disclosed rates and fees
Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.
| Purchase APR | 8.49%–23.74% (variable) |
|---|---|
| Introductory APR | 0% for 12 months |
| Balance transfer APR | 8.49% |
| Cash advance APR | 8.49% |
| Annual fee | $0 |
| Late payment fee | up to $25 |
| Foreign transaction fee | 2% |
| Cash advance fee | $10.00 or 3.00% of the amount of each |
| Balance transfer fee | $10.00 or 3.00% of the amount of each |
| Grace period | 21 days |
| Minimum interest charge | $0 |
| Network | Visa |
Analysis
Visa Application and Solicitation Disclosures, as filed by Great Lakes Credit Union, carries a purchase APR of 8.49%–23.74%, no annual fee and a 12-month 0% opening period. Against the 4,587 filings on this site, that rate lands around the 56th percentile.
On the face of the filing
Visa Application and Solicitation Disclosures is one of the agreements Great Lakes Credit Union has on file with the CFPB. The filing runs three pages, and It is issued on the Visa network.
The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. A penalty rate is not stated.
The interest-free window
A 12-month promotional period at 0% is on the record here — during it, qualifying balances cost nothing to carry.
Roughly 458 of the 4,587 filings indexed here disclose a zero-percent introductory rate, so this is a real feature of the document but not a rare one.
The go-to rate is 23.74%. Any balance still outstanding when the promotion lapses starts accruing at that figure — about $536 a year on $2,000.
The promotional window is therefore worth something on the order of $536 on $2,000, measured against the same balance priced at the standard rate for the same period.
How the purchase rate compares
Purchases price between 8.49% and 23.74% under this filing. The 15.25-point gap between the two is material, and nothing in the agreement indicates where a given account would land.
Read against the index, the low end ranks around the 5th percentile and the high end around the 56th — the band straddles a wide stretch of the market this corpus describes.
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.
What the rate means in dollars
A $2,500 balance left untouched for twelve months accrues about $670 in interest at this purchase rate.
On a median-priced agreement from this index (21.99%) the same $2,500 would run about $615 a year, so this card costs in the region of $55 more annually for the identical 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.
Fees, and what triggers them
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.
For cash advances the filing discloses a cash advance fee of $10 or 3% of the advance, whichever is greater and a cash advance APR of 8.49%.
The transfer fee is $10 or 3% of the amount transferred, whichever is greater; transferred balances then run at 8.49%. Transferring $7,500 would cost roughly $225 at the door.
Foreign transactions attract 2%. On $3,000 of overseas spending that is $60, charged on top of whatever exchange rate applies.
What a missed payment costs
$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.
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 is outside the disclosure
This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.
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.
Go to the source
The filed PDF is linked from this page and runs three pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.
In short
At 23.74% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.
The source document
This page is a reading of one document: the cardholder agreement Great Lakes Credit Union filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.
Applications are handled by Great Lakes Credit Union, not by us. We do not take applications and cannot say whether you would be approved.
Other cards from Great Lakes Credit Union
This is the only agreement from Great Lakes Credit Union in the database with enough disclosed terms to publish. See the issuer's full filing list.
Where this card sits
Groups this agreement qualifies for, by its own disclosed terms:
Comparable cards from other issuers
Closest disclosed purchase APR among cards in the same groups.