Rewards Credit Card Pricing and Fees

Rewards Credit Card Pricing and Fees, as filed by Michigan First Credit Union, carries a purchase APR of 12.74%–24.74% and no annual fee. The purchase rate sits at roughly the 59th percentile of the 4,587 agreements indexed here.

What the agreement puts on the record

This page covers the agreement Michigan First Credit Union filed for Rewards Credit Card Pricing and Fees. The filing runs one page.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. A penalty rate and a foreign transaction fee are not stated.

Where the purchase APR sits

Rather than a single purchase rate, the document gives a band — 12.74% at the bottom, 24.74% at the top, 12 points wide. The agreement discloses the range without disclosing how an account is placed within it.

The floor of that band sits at about the 21st percentile of filed purchase rates; the ceiling sits at about the 59th. 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 arithmetic of revolving

A $2,000 balance left untouched for twelve months accrues about $561 in interest at this purchase rate.

Against the corpus median of 21.99%, that is approximately $69 a year of extra interest on the same $2,000.

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

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.

Taking cash against the card means a cash advance fee of $10 or 3% of the advance, whichever is greater and a cash advance APR of 12.74%. $333 is the crossover point where the percentage overtakes the $10 minimum. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 12.74%; no separate transfer fee was captured from the filing.

What a missed payment costs

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

Grace period and minimum charge

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

The issuer's other agreements

This is one of 4 Michigan First Credit Union agreements collected here.

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.

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.

The document itself

The original filing, 1 page 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

24.74% 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.