Summit CU CC Agreement

The Summit CU CC Agreement filing from Summit Credit Union sets out no annual fee.

What this filing discloses

Summit CU CC Agreement 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.

Terms captured from the document include an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. It is silent on 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.

Fees, and what triggers them

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.

Foreign transactions attract 1%. On $3,000 of overseas spending that is $30, charged on top of whatever exchange rate applies.

The no-interest path

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

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

What a missed payment costs

Late payments are capped at $30 under this filing, about the 49th percentile of late fee maximums in the corpus.

The issuer's other agreements

This is one of 44 Summit Credit Union agreements collected here. 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

This page cannot tell you a purchase rate, anything about cash advances and penalty pricing, because the filing's disclosure table as read does not contain them.

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.

The document itself

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

Given the parsing confidence on this filing, read the agreement itself before treating any of these figures as settled.