Power Rewards Credit Card Online June

On the record for Power Rewards Credit Card Online June 2022: a purchase APR of 14.25%–18%, filed by Security Service Federal Credit Union. The purchase rate sits at roughly the 34th percentile of the 4,587 agreements indexed here.

The disclosed terms

Security Service Federal Credit Union submitted the terms for Power Rewards Credit Card Online June 2022 to the CFPB's agreement database; this is what they contain. It is issued on the Mastercard network and the filing runs six pages.

The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, a late payment maximum and a foreign transaction fee. A penalty rate and an annual fee line are not stated.

The purchase APR against the corpus

Rather than a single purchase rate, the document gives a band — 14.25% at the bottom, 18% at the top, 3.75 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Those two numbers occupy very different places in the corpus: roughly the 29th percentile at the bottom and the 34th at the top.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

The cost of carrying a balance

At the disclosed purchase APR, $3,000 revolving for a full year costs something like $591 in interest.

A typical filing in this index would charge about $738 on that balance; this one is roughly $146 a year below it.

Per statement cycle that is on the order of $44.70 on $3,000, which is the number that actually shows up on a bill.

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

The downside terms

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

Fees, and what triggers them

Cash advances carry a cash advance APR of 14.25%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

The filing discloses a 8.9% balance transfer rate without an accompanying fee figure.

Spending abroad costs an extra 1.1% — about $55 on $5,000 of purchases, independent of interest.

Paying in full

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.

Against the rest of Security Service Federal Credit Union's filings

There are 6 filings from Security Service Federal Credit Union in this index. The issuer's own range is 16.75%–18%. At 18%, this agreement is dearer than 1 of its siblings.

The limits of this document

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

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Go to the source

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

In short

The pricing here is middling by the standards of the index — 18% on purchases is near enough to typical.