Secured Platinum Credit Card Agreement and Disclosure

Secured Platinum Credit Card Agreement and Disclosure, as filed by South Carolina Federal Credit Union, carries a purchase APR of 13.74%–17.99%, no annual fee and a six-month 0% opening period. Against the 4,587 filings on this site, that rate lands around the 28th percentile.

On the face of the filing

South Carolina Federal Credit Union submitted the terms for Secured Platinum Credit Card Agreement and Disclosure to the CFPB's agreement database; this is what they contain. It is issued on the Mastercard network and the filing runs ten pages.

The filing is explicit about a purchase rate, an annual fee line and a grace period. It is silent on a cash advance rate, a balance transfer rate and a penalty rate.

The promotional period

This agreement opens at 0% for six months, the only period in the document where carrying a balance is free.

Zero-percent openings appear in roughly 458 of the filings on this site, which puts this agreement in a sizeable minority rather than a class of its own.

Behind the promotion sits a 17.99% purchase rate. On $2,000 that is in the region of $394 a year once the window closes.

The promotional window is therefore worth something on the order of $197 on $2,000, measured against the same balance priced at the standard rate for the same period.

Pricing the purchase rate

Purchases price between 13.74% and 17.99% under this filing. The 4.25-point gap between the two is material, and nothing in the agreement indicates where a given account would land.

The floor of that band sits at about the 26th percentile of filed purchase rates; the ceiling sits at about the 28th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The cost of carrying a balance

At the disclosed purchase APR, $2,000 revolving for a full year costs something like $394 in interest.

Priced at the median of 21.99%, that balance would generate about $492 in a year — so this agreement comes in around $98 cheaper for the same debt.

Per statement cycle that is on the order of $29.78 on $2,000, which is the number that actually shows up on a bill.

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.

Charges beyond interest

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Grace period and minimum charge

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

Against the rest of South Carolina Federal Credit Union's filings

This is one of 12 South Carolina Federal Credit Union agreements collected here. Every one of the others that discloses a purchase rate discloses the same 17.99%, so the issuer's filings are near-identical on pricing and the differences between its cards lie outside the rate table.

What the filing does not tell you

The disclosure parsed here does not state anything about cash advances, balance transfer terms, a foreign transaction fee and penalty pricing. 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.

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.

Where the authority sits

The filed PDF is linked from this page and runs ten pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

17.99% is an unexceptional purchase rate in this collection, and the rest of the terms follow the same pattern. The absence of an annual fee means the rate is the only thing that can make this card expensive.