Solicitation Notice 12 1 2023 Non fillable

On the record for Solicitation Notice 12 1 2023 Non fillable: a 12.4% purchase APR, no annual fee and a 12-month 0% opening period, filed by Summit Credit Union. That purchase rate ranks near the 9th percentile across this corpus of 4,587 filings.

The disclosed terms

Summit Credit Union submitted the terms for Solicitation Notice 12 1 2023 Non fillable to the CFPB's agreement database; this is what they contain. 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, an annual fee line and a late payment maximum. It is silent on a penalty rate.

The filing bundles multiple products into one disclosure table. Any figure quoted here may describe a related card in the same filing, so the PDF should be read before treating these numbers as this card's own.

The interest-free window

A 12-month promotional period at 0% is on the record here — during it, qualifying balances cost nothing to carry.

About 458 agreements in this corpus carry a zero-percent opening rate; this is one of them.

Once the introductory period ends the rate becomes 12.4%, which turns a lingering $2,000 balance into approximately $264 of annual interest.

Valued honestly, 12 months at zero on $2,000 avoids about $264 of interest compared with the go-to rate — the whole of what the promotion delivers.

Where the purchase APR sits

At 12.4%, the purchase APR falls at roughly the 9th percentile of the 2,280 filings indexed here, which falls in the low band of the corpus.

The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.

This figure is the post-promotional rate. The introductory pricing is handled separately further down.

What a balance actually costs

Carry $1,200 on this card for a year without paying it down and the purchase rate alone generates roughly $158 in interest.

Priced at the median of 21.99%, that balance would generate about $295 in a year — so this agreement comes in around $137 cheaper for the same debt.

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.

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.

Penalty pricing and late fees

$25 is the disclosed ceiling on a late payment fee, placing it near the 32nd percentile of the set.

Charges beyond interest

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

Cash advances carry a cash advance fee of $3 and a cash advance APR of 12.4%.

Moving a balance onto this card carries an up-front charge of $10 or 3% of the amount transferred, whichever is greater, with the transferred balance priced at 12.4%. Shifting $2,000 across attracts something like $60 in fees on day one.

Foreign transactions attract 1%. On $2,000 of overseas spending that is $20, charged on top of whatever exchange rate applies.

The issuer's other agreements

This is one of 44 Summit Credit Union agreements collected here. The issuer's own range is 12.4%–20.9%. At 12.4%, this agreement is dearer than 0 of its siblings.

The limits of this document

This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.

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, 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

12.4% places this filing at the inexpensive end of the set, which is the headline here. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing. The multi-product table is the larger caveat: these numbers are the table's, not necessarily this card's.