Agreements as filed with the CFPB. Not an offer of credit. How we read them
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Preferred Credit

Retail Charge Agreement/ Security Agreement

The filed agreement discloses a purchase APR of 18%. Below: every term the document states, what it leaves out, and how the cost compares with the rest of the database.

Disclosed rates and fees

Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.

Terms as disclosed in the filed agreement for Retail Charge Agreement/ Security Agreement
Purchase APR18%
Late payment feeup to $30
Grace period25 days
Minimum interest charge$0.5

Analysis

The Retail Charge Agreement/ Security Agreement filing from Preferred Credit sets out a 18% purchase APR. The purchase rate sits at roughly the 34th percentile of the 4,587 agreements indexed here.

What this filing discloses

Preferred Credit submitted the terms for Retail Charge Agreement/ Security Agreement to the CFPB's agreement database; this is what they contain. The filing runs seven 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.

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

The purchase rate in context

Ranked against the corpus, this purchase APR — 18% — sits at approximately the 34th percentile and undercuts the typical filing.

What a balance actually costs

At the disclosed purchase APR, $1,500 revolving for a full year costs something like $296 in interest.

Measured against the 21.99% corpus median, the same $1,500 costs approximately $73 less per year here.

Broken down to a single thirty-day cycle, the same balance accrues roughly $22.35.

There is also a floor: the filing sets a minimum interest charge of $0.50, so any cycle that accrues less than that is billed at $0.50 anyway.

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.

Default pricing

On the fee side, a late payment can cost up to $30, which is around the 49th percentile here.

Paying in full

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

A minimum interest charge of $0.50 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

The issuer's other agreements

124 separate Preferred Credit filings appear in the corpus. Their disclosed purchase rates run from 17.99% to 21.99%, and this one at 18% is more expensive than 53 of them.

What the filing does not tell you

The disclosure parsed here does not state anything about cash advances, balance transfer terms, an annual fee 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.

Where the authority sits

The original filing, 7 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 18% 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.

The source document

This page is a reading of one document: the cardholder agreement Preferred Credit filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.

Open the filed agreement (PDF)

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Other cards from Preferred Credit

All 124 agreements from Preferred Credit

Where this card sits

Groups this agreement qualifies for, by its own disclosed terms:

Comparable cards from other issuers

Closest disclosed purchase APR among cards in the same groups.