Rewards, Simple, Secured ASD SO216089 LineItem 6 MXC104 E 02100212 MXC10 C

Lansing Automakers Federal Credit Union's filed agreement for Rewards, Simple, Secured ASD SO216089 LineItem 6 MXC104 E 02100212 MXC10 C 2 082323 discloses a purchase APR of 14.15%–22.74%, no annual fee and a 2.99% introductory rate. That purchase rate ranks near the 52nd percentile across this corpus of 4,587 filings.

What the document actually states

What follows is drawn entirely from Lansing Automakers Federal Credit Union's CFPB filing for Rewards, Simple, Secured ASD SO216089 LineItem 6 MXC104 E 02100212 MXC10 C 2 082323. It is issued on the Visa network and the filing runs two pages.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. No figure appears for a penalty rate.

The filing bundles multiple products into one disclosure table. Any figure quoted here may describe a related card in the same filing, so the PDF should be read before treating these numbers as this card's own.

Introductory pricing

The introductory rate is 2.99%, held for 12 months. It is a discount rather than a holiday — interest still accrues, just more slowly than the go-to rate.

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

Behind the promotion sits a 22.74% purchase rate. On $1,000 that is in the region of $255 a year once the window closes.

The purchase rate in context

Rather than a single purchase rate, the document gives a band — 14.15% at the bottom, 22.74% at the top, 8.59 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Read against the index, the low end ranks around the 28th percentile and the high end around the 52nd — the band straddles a wide stretch of the market this corpus describes.

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

At the disclosed purchase APR, $1,500 revolving for a full year costs something like $383 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 $14 more annually for the identical balance.

Month to month it reads as about $28.29 per cycle on that balance.

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

Where the fees are

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.

Cash advances carry a cash advance APR of 14.15%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 14.15%; no separate transfer fee was captured from the filing.

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

Default pricing

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

Grace period and minimum charge

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.

Inside Lansing Automakers Federal Credit Union's filed lineup

Lansing Automakers Federal Credit Union has 17 agreements indexed on this site. Their disclosed purchase rates run from 19.74% to 22.49%, and this one at 22.74% is more expensive than 7 of them.

What is outside the disclosure

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

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

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

22.74% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. With no annual fee, the cost of the account is entirely a function of whether a balance is carried. And because the filing covers several products in one table, even the figures that are right may belong to a different card.