07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL

On the record for 07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL: a purchase APR of 17.75%–22.49%, no annual fee and a 2.99% introductory rate, filed by Lansing Automakers Federal Credit Union. The purchase rate sits at roughly the 51st percentile of the 4,587 agreements indexed here.

The disclosed terms

Lansing Automakers Federal Credit Union submitted the terms for 07 19 2023 Loan Liner Rewards, Simple ,Secured disclosure FINAL to the CFPB's agreement database; this is what they contain. The filing runs two 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. It is silent on a penalty rate.

One important caveat sits on top of everything else here: the rate table in this filing covers more than one product. Figures shown on this page may belong to a sibling card in the same table rather than to this one, and only the PDF can settle which row applies.

What the promotional rate is worth

A promotional rate of 2.99% applies for 12 months under this agreement — lower than the standard rate, but not free.

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

Once the introductory period ends the rate becomes 22.49%, which turns a lingering $1,000 balance into approximately $252 of annual interest.

Pricing the purchase rate

This is a tiered agreement: the filing discloses a purchase APR anywhere from 17.75% to 22.49%, a spread of 4.74 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 49th percentile of filed purchase rates; the ceiling sits at about the 51st. In corpus terms the same card can be cheap or expensive depending on how it is priced.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The cost of carrying a balance

Carry $1,500 on this card for a year without paying it down and the purchase rate alone generates roughly $378 in interest.

On a median-priced agreement from this index (21.99%) the same $1,500 would run about $369 a year, so this card costs in the region of $9 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.

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.

For cash advances the filing discloses a cash advance APR of 13.9%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 13.9%; no separate transfer fee was captured from the filing.

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

The no-interest path

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. That matches the 25-day median across the corpus almost exactly.

The downside terms

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

Inside Lansing Automakers Federal Credit Union's filed lineup

Lansing Automakers Federal Credit Union has 17 agreements indexed on this site. The issuer's own range is 19.74%–22.74%. At 22.49%, this agreement is dearer than 5 of its siblings.

What you cannot learn from the filing

Absent from the captured terms: penalty pricing. The original document is the place to look for any of these.

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.

Where the authority sits

Everything here is a reading of the filed agreement, two pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

22.49% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.