Solicitation Notice

Summit Credit Union's filed agreement for Solicitation Notice 10 1 2024 discloses no annual fee.

What the document actually states

This page covers the agreement Summit Credit Union filed for Solicitation Notice 10 1 2024. The filing runs three pages, and It is issued on the Visa network.

The filing is explicit about an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a purchase rate, a cash advance rate and a balance transfer rate.

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

Where the fees are

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.

For cash advances the filing discloses a cash advance fee of $3.

Transfers are charged $10 or 3% of the amount transferred, whichever is greater, though no distinct transfer APR appears in the document. On $5,000 that fee is about $150 before any interest is charged.

The filing sets a 1% foreign transaction fee, which adds roughly $10 to $1,000 spent outside the United States.

Grace period and minimum charge

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest.

When a payment is late

On the fee side, a late payment can cost up to $25, which is around the 32nd percentile here.

Against the rest of Summit Credit Union's filings

This is one of 44 Summit Credit Union agreements collected here. Their disclosed purchase rates run from 12.4% to 20.9%, though this particular filing does not state one in comparable form.

What is outside the disclosure

This page cannot tell you a purchase rate and penalty pricing, because the filing's disclosure table as read does not contain them.

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.

Go to the source

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

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.