Solicitation Notice

Solicitation Notice 12 1 2022, as filed by Summit Credit Union, carries no annual fee.

What the document actually states

The document behind this page is Summit Credit Union's filed agreement for Solicitation Notice 12 1 2022. It is issued on the Visa network and the filing runs three pages.

On the record here: 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.

The fee structure

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

Cash advances carry 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 $2,000 that fee is about $60 before any interest is charged.

The filing sets a 1% foreign transaction fee, which adds roughly $15 to $1,500 spent outside the United States.

The downside terms

Late payments are capped at $25 under this filing, about the 32nd percentile of late fee maximums in the corpus.

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.

The issuer's other agreements

44 separate Summit Credit Union filings appear in the corpus. Their disclosed purchase rates run from 12.4% to 20.9%, though this particular filing does not state one in comparable form.

What you cannot learn from the filing

The disclosure parsed here does not state a purchase rate 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.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

The document itself

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

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.