10 23 23 App and Solic Disclosure

The 10 23 23 App and Solic Disclosure filing from Scott Credit Union sets out a purchase APR of 11.9%–17.9%, a 1.99% introductory rate and a 21.9% penalty rate. That purchase rate ranks near the 24th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

What follows is drawn entirely from Scott Credit Union's CFPB filing for 10 23 23 App and Solic Disclosure. It is issued on the Visa network and the filing runs three pages.

The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, a penalty rate and a late payment maximum. An annual fee line is not stated.

Introductory pricing

For the first six months the filing sets a reduced rate of 1.99%. Balances still cost something during that window.

Among the 763 filings here that disclose an introductory rate, 1.99% sits at about the 66th percentile.

What matters more than the promotion is the rate waiting behind it: 17.9%. A $2,000 balance that survives the promotional window costs roughly $392 a year from that point on.

Pricing the purchase rate

Rather than a single purchase rate, the document gives a band — 11.9% at the bottom, 17.9% at the top, 6 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Read against the index, the low end ranks around the 17th percentile and the high end around the 24th — the band straddles a wide stretch of the market this corpus describes.

The rate discussed in this section is the go-to rate — the one that applies once the promotional period described below has ended, not the promotional rate itself.

The cost of carrying a balance

At the disclosed purchase APR, $2,000 revolving for a full year costs something like $392 in interest.

A typical filing in this index would charge about $492 on that balance; this one is roughly $100 a year below it.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

Where the fees are

Taking cash against the card means a cash advance APR of 11.9%.

The transfer fee is $10 or 2% of the amount transferred, whichever is greater; transferred balances then run at 11.9%. Shifting $7,500 across attracts something like $150 in fees on day one.

Foreign transactions carry no fee. Only about 22% of the filings here that disclose a foreign transaction fee set it at zero, so this is a genuine point of difference.

Penalty pricing and late fees

The agreement discloses penalty pricing of 21.9% — about the 31st percentile of the 794 penalty rates recorded across this index.

Measured in money, moving from 17.9% to 21.9% costs an extra $98 or so annually on $2,000 — a far larger number than any single late fee.

On the fee side, a late payment can cost up to $20, which is around the 17th percentile here.

The grace period

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 $1 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

What you cannot learn from the filing

Absent from the captured terms: an annual fee. The original document is the place to look for any of these.

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.

Reading the agreement yourself

The original filing, 3 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

17.9% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern.