Solicitation Notice

Summit Credit Union's filed agreement for Solicitation Notice 4 1 2020 discloses no annual fee.

What the agreement puts on the record

Solicitation Notice 4 1 2020 is one of the agreements Summit Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs three pages.

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.

The disclosure table in this document parsed only moderately cleanly; the numbers are reported as read, with that caveat attached.

The fee structure

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.

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. Shifting $5,000 across attracts something like $150 in fees on day one.

The filing sets a 1% foreign transaction fee, which adds roughly $20 to $2,000 spent outside the United States.

Default pricing

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

Paying in full

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

Against the rest of Summit Credit Union's filings

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 the filing does not tell you

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.

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.

Reading the agreement yourself

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

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.