Solicitation Notice 12 1 2023 Non fillable

Solicitation Notice 12 1 2023 Non fillable, as filed by Summit Credit Union, carries a 12.4% purchase APR, no annual fee and a 12-month 0% opening period. The purchase rate sits at roughly the 9th percentile of the 4,587 agreements indexed here.

The disclosed terms

What follows is drawn entirely from Summit Credit Union's CFPB filing for Solicitation Notice 12 1 2023 Non fillable. It is issued on the Visa network and the filing runs three pages.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. No figure appears for 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

The filing discloses a 0% introductory rate running 12 months. For that window, balances covered by the promotion accrue no interest at all.

Roughly 458 of the 4,587 filings indexed here disclose a zero-percent introductory rate, so this is a real feature of the document but not a rare one.

What matters more than the promotion is the rate waiting behind it: 12.4%. A $5,000 balance that survives the promotional window costs roughly $660 a year from that point on.

Put the other way round, the 12-month zero rate is worth roughly $660 on a $5,000 balance relative to paying the go-to rate from day one — a real figure, but one that only materialises for someone who was going to carry that balance anyway.

The purchase APR against the corpus

Set beside the rest of the index, the purchase APR of 12.4% lands at the 9th percentile; it falls in the low band of the corpus.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The rate discussed in this section is the go-to rate — the one that applies once the promotional period described below has ended, not the promotional rate itself.

Translating the rate into money

A $2,500 balance left untouched for twelve months accrues about $330 in interest at this purchase rate.

The corpus median purchase rate is 21.99%, which on the same $2,500 would cost about $615 a year. This filing saves roughly $285 annually against that benchmark.

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

Fees, and what triggers them

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.

Taking cash against the card means a cash advance fee of $3 and a cash advance APR of 12.4%.

The transfer fee is $10 or 3% of the amount transferred, whichever is greater; transferred balances then run at 12.4%. Shifting $5,000 across attracts something like $150 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 no-interest path

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

Default pricing

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

How it sits in the issuer's own range

There are 44 filings from Summit Credit Union in this index. The issuer's own range is 12.4%–20.9%. At 12.4%, this agreement is dearer than 0 of its siblings.

What the filing does not tell you

The disclosure parsed here does not state 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.

Where the authority sits

This summary stands or falls on the linked PDF — three pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

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.