Rewards Visa Credit Card Agreement and Disclosure 10 99 %

On the record for Rewards Visa Credit Card Agreement and Disclosure 10 99 %: a 0% purchase APR, no annual fee, a 10.99% introductory rate and a 29.99% penalty rate, filed by Landmark Credit Union. The purchase rate sits at roughly the 1st percentile of the 4,587 agreements indexed here.

The disclosed terms

Landmark Credit Union submitted the terms for Rewards Visa Credit Card Agreement and Disclosure 10 99 % to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs two pages.

On the record here: a purchase rate, a cash advance rate, a penalty rate, an annual fee line and a grace period. No figure appears for a balance transfer rate, a late payment maximum and a foreign transaction fee.

The introductory rate

The filing discloses an introductory rate of 10.99% but no term for it.

Among the 763 filings here that disclose an introductory rate, 10.99% sits at about the 93rd percentile.

Behind the promotion sits a 0% purchase rate. On $2,000 that is in the region of $0 a year once the window closes.

The purchase APR against the corpus

0% puts the purchase APR near the 1st percentile across 2,280 agreements, so it is lower than almost every other agreement here.

What a balance actually costs

At the disclosed purchase APR, $4,000 revolving for a full year costs something like $0 in interest.

Measured against the 21.99% corpus median, the same $4,000 costs approximately $983 less per year here.

Per statement cycle that is on the order of $0 on $4,000, which is the number that actually shows up on a bill.

There is also a floor: the filing sets a minimum interest charge of $1, so any cycle that accrues less than that is billed at $1 anyway.

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.

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 13.99%. That is 13.99 points above the purchase rate. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The downside terms

A penalty APR of 29.99% 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 61st percentile.

That is 29.99 points above the standard purchase rate. On a $2,500 balance, the shift from 0% to 29.99% adds something like $874 of interest over a year — the real cost of the default, quite apart from the fee itself.

Paying in full

Purchases carry a 27-day grace period: pay the statement in full inside it and the purchase rate never applies. The median across this index is 25 days, so this filing is more generous than most.

Where interest applies at all, the filing bills at least $1. On a tiny balance that floor can dwarf the rate itself.

How it sits in the issuer's own range

This is one of 22 Landmark Credit Union agreements collected here. Their disclosed purchase rates run from 0% to 23.99%, and this one at 0% is more expensive than 0 of them.

8 of the issuer's other 10 disclosing filings are likewise fee-free.

What the filing does not tell you

Absent from the captured terms: balance transfer terms and a foreign transaction fee. 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.

Where the authority sits

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

0% 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.