MasterCard Plat Disclosure

Michigan Educational Credit Union's filed agreement for MasterCard Plat Disclosure discloses a purchase APR of 15.74%–21% and no annual fee. That purchase rate ranks near the 46th percentile across this corpus of 4,587 filings.

What this filing discloses

What follows is drawn entirely from Michigan Educational Credit Union's CFPB filing for MasterCard Plat Disclosure. It is issued on the Mastercard network and the filing runs four pages.

The disclosure covers 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 and a foreign transaction fee.

The purchase rate in context

This is a tiered agreement: the filing discloses a purchase APR anywhere from 15.74% to 21%, a spread of 5.26 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 37th percentile and the high end around the 46th — the band straddles a wide stretch of the market this corpus describes.

The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.

The cost of carrying a balance

At the disclosed purchase APR, $2,500 revolving for a full year costs something like $584 in interest.

Measured against the 21.99% corpus median, the same $2,500 costs approximately $31 less per year here.

Month to month it reads as about $43.51 per cycle on that balance.

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

Grace period and minimum charge

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

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

When a payment is late

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

Fees, and what triggers them

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 15.74%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 15.74% balance transfer rate without an accompanying fee figure.

What is outside the disclosure

This page cannot tell you a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

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.

The document itself

The original filing, 4 pages long, is linked on this page and should be read before any figure here is acted on. It is also a snapshot: issuers refile as terms change.

In short

21% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. The absence of an annual fee means the rate is the only thing that can make this card expensive.