Meineke Credit Card Agreement and Pricing Addendum

On the record for Meineke Credit Card Agreement and Pricing Addendum: a 34.99% purchase APR and a 39.99% penalty rate, filed by Synchrony Financial. That purchase rate ranks near the 84th percentile across this corpus of 4,587 filings.

The disclosed terms

Meineke Credit Card Agreement and Pricing Addendum is one of the agreements Synchrony Financial has on file with the CFPB. The filing runs five pages.

The filing is explicit about a purchase rate, a penalty rate, a late payment maximum and a grace period. It is silent on a cash advance rate, a balance transfer rate and an annual fee line.

Where the purchase APR sits

Measured against every other filing on the site, 34.99% is about the 84th percentile for purchase APR; it is well above what most issuers disclosed.

What a balance actually costs

Carry $4,000 on this card for a year without paying it down and the purchase rate alone generates roughly $1,675 in interest.

The median purchase rate across the corpus is 21.99%; the same balance there would cost about $983. The gap — roughly $691 a year on $4,000 — is the price of this particular filing over a typical one.

Per statement cycle that is on the order of $116.65 on $4,000, which is the number that actually shows up on a bill.

These figures are arithmetic on the disclosed rate, not a quote: they assume the balance is never reduced, ignore any payments, and take no account of fees charged separately.

The no-interest path

Purchases carry a 23-day grace period: pay the statement in full inside it and the purchase rate never applies. That is shorter than the 25-day corpus median.

The $2 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

The downside terms

The agreement discloses penalty pricing of 39.99% — about the 86th percentile of the 794 penalty rates recorded across this index.

A default therefore reprices the debt by 5 points: about $182 a year more on $2,500, for as long as the penalty rate stands.

$41 is the disclosed ceiling on a late payment fee, placing it near the 89th percentile of the set.

The issuer's other agreements

There are 212 filings from Synchrony Financial in this index. Their disclosed purchase rates run from 0% to 34.99%, and this one at 34.99% is more expensive than 35 of them.

What is outside the disclosure

This page cannot tell you anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee, 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

Everything here is a reading of the filed agreement, five pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

This is an expensive agreement by the standards of the corpus, driven by a 34.99% purchase rate that is inert for a transactor and punishing for a revolver.