Retail Instalment Credit Agreement/ Security Agreement

On the record for Retail Instalment Credit Agreement/ Security Agreement: a 21.99% purchase APR, filed by Preferred Credit. That purchase rate ranks near the 49th percentile across this corpus of 4,587 filings.

What the document actually states

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

Terms captured from the document include a purchase rate and a grace period. A cash advance rate, a balance transfer rate and a penalty rate are not stated.

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

How the purchase rate compares

Set beside the rest of the index, the purchase APR of 21.99% lands at the 49th percentile; it lands near the median.

The cost of carrying a balance

At the disclosed purchase APR, $1,500 revolving for a full year costs something like $369 in interest.

That is almost exactly what a median-priced filing in this index would charge on the same balance, since the corpus median sits at 21.99%.

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.

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

The limits of this document

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.

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.

Inside Preferred Credit's filed lineup

There are 124 filings from Preferred Credit in this index. Their disclosed purchase rates run from 17.99% to 21.99%, and this one at 21.99% is more expensive than 84 of them.

Reading the agreement yourself

The original filing, 5 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 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.