Secured Visa Credit Card Agreement and Disclosure 18 99%

On the record for Secured Visa Credit Card Agreement and Disclosure 18 99%: a 23.99% purchase APR, a $25 annual fee and a 23.99% penalty rate, filed by Landmark Credit Union. That purchase rate ranks near the 57th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

The document behind this page is Landmark Credit Union's filed agreement for Secured Visa Credit Card Agreement and Disclosure 18 99%. The filing runs two pages, and It is issued on the Visa network.

The filing is explicit about a purchase rate, a penalty rate, an annual fee line, a foreign transaction fee and a grace period. A cash advance rate, a balance transfer rate and a late payment maximum 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.

What "secured" changes

This is a secured agreement — the credit line is collateralised by a deposit. The disclosure table captured on this page covers pricing only; the mechanics of the deposit live in the body of the document.

For context, the 23.99% purchase rate lands around the 57th percentile of all the agreements on this site, which is the useful comparison regardless of the deposit.

Where the purchase APR sits

23.99% puts the purchase APR near the 57th percentile across 2,280 agreements, so it lands near the median.

The arithmetic of revolving

The purchase rate turns a $3,000 revolving balance into roughly $813 of annual interest.

On a median-priced agreement from this index (21.99%) the same $3,000 would run about $738 a year, so this card costs in the region of $75 more annually for the identical balance.

Broken down to a single thirty-day cycle, the same balance accrues roughly $59.72.

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

The fee structure

$25 a year is the disclosed annual fee, which ranks near the 78th percentile of the fees filed across this corpus.

One way to size that fee: at the card's own purchase rate of 23.99%, $25 is roughly the interest a balance of about $104 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

Spending abroad costs an extra 1% — about $10 on $1,000 of purchases, independent of interest.

The downside terms

A penalty APR of 23.99% 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 39th percentile.

The grace period

27 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That is longer than the corpus median of 25 days.

The $1 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

Against the rest of Landmark Credit Union's filings

22 separate Landmark Credit Union filings appear in the corpus. The issuer's own range is 0%–16.74%. At 23.99%, this agreement is dearer than 9 of its siblings.

Among the issuer's other filings that disclose a fee, 9 of 10 come in below this card's $25.

The limits of this document

Absent from the captured terms: anything about cash advances. 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.

The document itself

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

At 23.99% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. The $25 annual fee is charged regardless of use, so it is a cost that applies even to an account that never revolves.