Visa Credit Card Agreement

On the record for Visa Credit Card Agreement: a 2% purchase APR, no annual fee and a 18% penalty rate, filed by Greater Springfield Credit Union. The purchase rate sits at roughly the 1st percentile of the 4,587 agreements indexed here.

What the document actually states

Greater Springfield Credit Union submitted the terms for Visa Credit Card Agreement to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs two pages.

The disclosure covers a purchase rate, a penalty rate, an annual fee line, a late payment maximum and a foreign transaction fee. A cash advance rate, a balance transfer rate and a grace period are not stated.

Note that the purchase APR row in this table carries no explicit label in the filing, which introduces some ambiguity about what it covers.

The purchase APR against the corpus

Measured against every other filing on the site, 2% is about the 1st percentile for purchase APR; it sits in the bottom few percent of everything filed.

What the rate means in dollars

The purchase rate turns a $1,000 revolving balance into roughly $20 of annual interest.

The corpus median purchase rate is 21.99%, which on the same $1,000 would cost about $246 a year. This filing saves roughly $226 annually against that benchmark.

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

The no-interest path

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

The downside terms

A penalty APR of 18% sits in this filing, applied when the account falls into default as the agreement defines it. Against the 794 filings here that disclose one, that is roughly the 19th percentile.

A default therefore reprices the debt by 16 points: about $442 a year more on $2,500, for as long as the penalty rate stands.

On the fee side, a late payment can cost up to $10, which is around the 6th percentile here.

What the card costs before you borrow

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Taking cash against the card means a cash advance fee of 1.5%.

Transfers are charged 0% of the amount transferred, though no distinct transfer APR appears in the document. Transferring $7,500 would cost roughly $0 at the door.

Foreign transactions attract 1%. On $2,000 of overseas spending that is $20, charged on top of whatever exchange rate applies.

What you cannot learn from the filing

This page cannot tell you a grace period, because the filing's disclosure table as read does not contain it.

It is worth being explicit about scope: these filings record terms and pricing. They say nothing about rewards programmes, cardholder benefits, promotional offers or who the issuer will approve, and this review does not speculate about any of it.

Go to the source

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

2% places this filing at the inexpensive end of the set, which is the headline here. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.