Nonnegotiable Consumer Note/Retail Charge Agreement/Security Agreement

Nonnegotiable Consumer Note/retail Charge Agreement/security Agreement, as filed by Preferred Credit, carries a 21.99% purchase APR. That purchase rate ranks near the 49th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

Preferred Credit filed this agreement for Nonnegotiable Consumer Note/retail Charge Agreement/security Agreement with the Consumer Financial Protection Bureau. The filing runs five pages.

The disclosure covers a purchase rate, a late payment maximum and a grace period. It is silent on a cash advance rate, a balance transfer rate and a penalty rate.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

The purchase APR against the corpus

At 21.99%, the purchase APR falls at roughly the 49th percentile of the 2,280 filings indexed here, which is about typical for the filings collected here.

What a balance actually costs

At the disclosed purchase APR, $4,000 revolving for a full year costs something like $983 in interest.

The corpus median of 21.99% produces practically the same bill, so on carrying cost this card is unremarkable.

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.

Grace period and minimum charge

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

The $0.50 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

Penalty pricing and late fees

Late payments are capped at $12 under this filing, about the 8th percentile of late fee maximums in the corpus.

Inside Preferred Credit's filed lineup

124 separate Preferred Credit filings appear in the corpus. Across that lineup purchase rates span 17.99% to 21.99%; this filing's 21.99% sits above 84 of the comparable ones.

What the filing does not tell you

This page cannot tell you anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee, because the filing's disclosure table as read does not contain them.

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.

Go to the source

Everything here is a reading of the filed agreement, five pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

At 21.99% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. All of this rests on figures read from the filing with less than full confidence, which is reason enough to check the document before relying on any of it.