Progress student terms conditions

Patelco Credit Union's filed agreement for Progress student terms conditions discloses a purchase APR of 12.65%–21.15% and no annual fee. That purchase rate ranks near the 46th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

Patelco Credit Union submitted the terms for Progress student terms conditions to the CFPB's agreement database; this is what they contain. The filing runs one page, and It is issued on the Mastercard network.

Terms captured from the document include 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.

The purchase APR against the corpus

The purchase APR is quoted as a range of 12.65% to 21.15%. That 8.5-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 21st percentile and the high end around the 46th — the band straddles a wide stretch of the market this corpus describes.

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 cost of carrying a balance

Put $4,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $942.

The corpus median purchase rate is 21.99%, which on the same $4,000 would cost about $983 a year. This filing saves roughly $42 annually against that benchmark.

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.

Penalty pricing and late fees

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

Fees, and what triggers them

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

Cash advances carry a cash advance APR of 15.65%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 12.65% balance transfer rate without an accompanying fee figure.

The grace period

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing.

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

Inside Patelco Credit Union's filed lineup

This is one of 15 Patelco Credit Union agreements collected here. Their disclosed purchase rates run from 10.7% to 21.9%, and this one at 21.15% is more expensive than 3 of them.

What you cannot learn from the filing

The disclosure parsed here does not state 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.

Where the authority sits

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

At 21.15% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. The absence of an annual fee means the rate is the only thing that can make this card expensive.