Visa Credit Card Agreement and Disclosures

Municipal Credit Union's filed agreement for Visa Credit Card Agreement and Disclosures discloses a 11.9% purchase APR and no annual fee. Against the 4,587 filings on this site, that rate lands around the 8th percentile.

What the document actually states

Municipal Credit Union submitted the terms for Visa Credit Card Agreement and Disclosures to the CFPB's agreement database; this is what they contain. The filing runs nine pages, and It is issued on the Visa network.

Terms captured from the document include a purchase rate, a cash advance rate, an annual fee line, a late payment maximum and a foreign transaction fee. A balance transfer rate and a penalty rate are not stated.

The purchase APR against the corpus

11.9% puts the purchase APR near the 8th percentile across 2,280 agreements, so it falls in the low band of the corpus.

The arithmetic of revolving

Carry $1,200 on this card for a year without paying it down and the purchase rate alone generates roughly $152 in interest.

The corpus median purchase rate is 21.99%, which on the same $1,200 would cost about $295 a year. This filing saves roughly $143 annually against that benchmark.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

Charges beyond interest

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.

Taking cash against the card means a cash advance fee of $1 or 3% of the advance, whichever is greater and a cash advance APR of 17.9%. That is 6 points above the purchase rate. Advances under roughly $33 are charged the flat $1; larger ones are charged 3%. 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 sets a 1% foreign transaction fee, which adds roughly $20 to $2,000 spent outside the United States.

The grace period

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies.

The downside terms

The maximum late fee is $30 — roughly the 49th percentile of the late fee ceilings disclosed across this index.

Against the rest of Municipal Credit Union's filings

There are 4 filings from Municipal Credit Union in this index. Every one of the others that discloses a purchase rate discloses the same 20.65%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

What you cannot learn from the filing

The disclosure parsed here does not state balance transfer terms and penalty pricing. 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.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

Go to the source

The original filing, 9 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

At 11.9% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost.