Visa Teachers Application and Solicitation Disclosure

The Visa Teachers Application and Solicitation Disclosure filing from Teachers Federal Credit Union sets out a purchase APR of 8.75%–15.75% and no annual fee. That purchase rate ranks near the 16th percentile across this corpus of 4,587 filings.

On the face of the filing

Visa Teachers Application and Solicitation Disclosure is one of the agreements Teachers Federal Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs three pages.

On the record here: a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. It is silent on a penalty rate.

One important caveat sits on top of everything else here: the rate table in this filing covers more than one product. Figures shown on this page may belong to a sibling card in the same table rather than to this one, and only the PDF can settle which row applies.

The purchase APR against the corpus

The purchase APR is quoted as a range of 8.75% to 15.75%. That 7-point spread is the whole of what the filing commits to; the method for assigning a rate inside it is not in the document.

The floor of that band sits at about the 5th percentile of filed purchase rates; the ceiling sits at about the 16th. In corpus terms the same card can be cheap or expensive depending on how it is priced.

The agreement labels the purchase rate variable, so the quoted figure reflects the index at the time of filing rather than a locked-in price.

The arithmetic of revolving

The purchase rate turns a $3,000 revolving balance into roughly $512 of annual interest.

The corpus median purchase rate is 21.99%, which on the same $3,000 would cost about $738 a year. This filing saves roughly $226 annually against that benchmark.

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.

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.

For cash advances the filing discloses a cash advance fee of $5 or 3% of the advance, whichever is greater and a cash advance APR of 10.95%. $167 is the crossover point where the percentage overtakes the $5 minimum.

Balance transfers cost $5 or 3% of the amount transferred, whichever is greater up front and then accrue at 10.95%. Transferring $1,000 would cost roughly $30 at the door.

The filing sets a 1% foreign transaction fee, which adds roughly $30 to $3,000 spent outside the United States.

What a missed payment costs

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

The grace period

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

What is outside the disclosure

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

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.

Go to the source

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

15.75% places this filing at the inexpensive end of the set, which is the headline here. And because the filing covers several products in one table, even the figures that are right may belong to a different card.