Visa Signature Credit Card Agreement and Truth in Lending Disclosure

On the record for Visa Signature Credit Card Agreement and Truth in Lending Disclosure: a purchase APR of 14.9%–17.9%, no annual fee and a 17.9% penalty rate, filed by Michigan State University Federal Credit Union. The purchase rate sits at roughly the 24th percentile of the 4,587 agreements indexed here.

What this filing discloses

The document behind this page is Michigan State University Federal Credit Union's filed agreement for Visa Signature Credit Card Agreement and Truth in Lending Disclosure. 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 late payment maximum and a grace period. It is silent on a cash advance rate, a balance transfer rate and a foreign transaction fee.

The purchase APR against the corpus

The purchase APR is quoted as a range of 14.9% to 17.9%. That 3-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

Read against the index, the low end ranks around the 32nd percentile and the high end around the 24th — the band straddles a wide stretch of the market this corpus describes.

What a balance actually costs

The purchase rate turns a $2,500 revolving balance into roughly $490 of annual interest.

A typical filing in this index would charge about $615 on that balance; this one is roughly $125 a year below it.

Per statement cycle that is on the order of $37.04 on $2,500, which is the number that actually shows up on a bill.

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.

Where the fees are

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

When a payment is late

A penalty APR of 17.9% 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 8th percentile.

On the fee side, a late payment can cost up to $15, which is around the 11th percentile here.

Paying in full

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest.

What the filing does not tell you

The disclosure parsed here does not state anything about cash advances, balance transfer terms and a foreign transaction fee. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

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.

Against the rest of Michigan State University Federal Credit Union's filings

Michigan State University Federal Credit Union has 7 agreements indexed on this site. Every one of the others that discloses a purchase rate discloses the same 17.9%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

Reading the agreement yourself

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 17.9% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.