Solicitation Notice

On the record for Solicitation Notice 4 1 2023: no annual fee, filed by Summit Credit Union.

On the face of the filing

What follows is drawn entirely from Summit Credit Union's CFPB filing for Solicitation Notice 4 1 2023. The filing runs three pages, and It is issued on the Visa network.

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.

Where the fees are

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. Transferring $7,500 would cost roughly $225 at the door.

Foreign transactions attract 1%. On $5,000 of overseas spending that is $50, charged on top of whatever exchange rate applies.

When a payment is late

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

The grace period

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

Against the rest of Summit Credit Union's filings

Summit Credit Union has 44 agreements indexed on this site. Their disclosed purchase rates run from 12.4% to 20.9%, though this particular filing does not state one in comparable form.

The limits of this document

Absent from the captured terms: a purchase rate and penalty pricing. The original document is the place to look for any of these.

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

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

Extraction confidence here is not high, so the conclusions above are provisional on the PDF agreeing with them.