Morris Credit Card Account Agreement and Pricing Addendum

The Morris Credit Card Account Agreement and Pricing Addendum filing from Synchrony Financial sets out a 34.99% purchase APR and a 39.99% penalty rate. That purchase rate ranks near the 84th percentile across this corpus of 4,587 filings.

The disclosed terms

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

On the record here: 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.

The purchase APR against the corpus

The purchase APR of 34.99% places this agreement around the 84th percentile of the set — it sits in the expensive end of the corpus.

The cost of carrying a balance

A $1,200 balance left untouched for twelve months accrues about $502 in interest at this purchase rate.

The median purchase rate across the corpus is 21.99%; the same balance there would cost about $295. The gap — roughly $207 a year on $1,200 — is the price of this particular filing over a typical one.

Broken down to a single thirty-day cycle, the same balance accrues roughly $34.99.

Note the $2 minimum interest charge, which overrides the arithmetic above whenever the calculated interest falls below it.

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.

Default pricing

If the account defaults, the filing permits a rate of 39.99%. Among disclosing agreements here that ranks near the 86th percentile.

The jump from 34.99% to 39.99% is 5 percentage points, worth roughly $182 extra per year on $2,500 of balance.

Late payments are capped at $41 under this filing, about the 89th percentile of late fee maximums in the corpus.

The grace period

Purchases carry a 23-day grace period: pay the statement in full inside it and the purchase rate never applies. The typical filing here allows 25 days, so this one is tighter than most.

A minimum interest charge of $2 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

Against the rest of Synchrony Financial's filings

This is one of 212 Synchrony Financial agreements collected here. The issuer's own range is 0%–34.99%. At 34.99%, this agreement is dearer than 35 of its siblings.

What the filing does not tell you

Absent from the captured terms: anything about cash advances, balance transfer terms, an annual fee and a foreign transaction fee. The original document is the place to look for any of these.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Go to the source

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

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.