06 01 2023 Business Credit Card Rate Disclosure

06 01 2023 Business Credit Card Rate Disclosure, as filed by Onpoint Community Credit Union, carries a purchase APR of 14%–24.5%. The purchase rate sits at roughly the 59th percentile of the 4,587 agreements indexed here.

What the agreement puts on the record

06 01 2023 Business Credit Card Rate Disclosure is one of the agreements Onpoint Community Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs one page.

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

Where the purchase APR sits

The purchase APR is quoted as a range of 14% to 24.5%. That 10.5-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 27th percentile and the high end around the 59th — the band straddles a wide stretch of the market this corpus describes.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The arithmetic of revolving

Put $4,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $1,110.

Against the corpus median of 21.99%, that is approximately $127 a year of extra interest on the same $4,000.

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.

The no-interest path

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.

What a missed payment costs

Late payments are capped at $20 under this filing, about the 17th percentile of late fee maximums in the corpus.

The fee structure

For cash advances the filing discloses a cash advance APR of 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 discloses a 16% balance transfer rate without an accompanying fee figure.

The issuer's other agreements

Onpoint Community Credit Union has 27 agreements indexed on this site. Across that lineup purchase rates span 10% to 26.75%; this filing's 24.5% sits above 18 of the comparable ones.

What the filing does not tell you

The disclosure parsed here does not state an annual fee, a foreign transaction fee 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.

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.

Reading the agreement yourself

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

24.5% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern.