Solicitation Notice

On the record for Solicitation Notice 6 1 2023: no annual fee, filed by Summit Credit Union.

The disclosed terms

This page covers the agreement Summit Credit Union filed for Solicitation Notice 6 1 2023. It is issued on the Visa network and the filing runs three pages.

The disclosure covers 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.

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

Default pricing

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

Fees, and what triggers them

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.

For cash advances the filing discloses a cash advance fee of $3.

A balance transfer costs $10 or 3% of the amount transferred, whichever is greater up front. The filing does not separately state the rate applied to transferred balances. On $3,000 that fee is about $90 before any interest is charged.

Foreign transactions attract 1%. On $1,500 of overseas spending that is $15, charged on top of whatever exchange rate applies.

The grace period

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.

Inside Summit Credit Union's filed lineup

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.

What is outside the disclosure

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.

Where the authority sits

The filed PDF is linked from this page and runs three pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

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