Tower MC Agreement & Pricng Addendum

The Tower MC Agreement & Pricng Addendum 10 1 23 filing from Tower Federal Credit Union sets out a purchase APR of 16.24%–17.99%, no annual fee and a 1.99% introductory rate. That purchase rate ranks near the 28th percentile across this corpus of 4,587 filings.

What this filing discloses

This page covers the agreement Tower Federal Credit Union filed for Tower MC Agreement & Pricng Addendum 10 1 23. The filing runs five 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. A penalty rate and a foreign transaction fee are not stated.

The filing bundles multiple products into one disclosure table. Any figure quoted here may describe a related card in the same filing, so the PDF should be read before treating these numbers as this card's own.

The introductory rate

The introductory rate is 1.99%, held for 12 months. It is a discount rather than a holiday — interest still accrues, just more slowly than the go-to rate.

Among the 763 filings here that disclose an introductory rate, 1.99% sits at about the 66th percentile.

Behind the promotion sits a 17.99% purchase rate. On $2,000 that is in the region of $394 a year once the window closes.

How the purchase rate compares

This is a tiered agreement: the filing discloses a purchase APR anywhere from 16.24% to 17.99%, a spread of 1.75 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 40th percentile and the high end around the 28th — the band straddles a wide stretch of the market this corpus describes.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

To be precise about which number this is: the filing identifies it as the rate that takes over after the introductory period, not the introductory rate.

The cost of carrying a balance

Carry $2,500 on this card for a year without paying it down and the purchase rate alone generates roughly $493 in interest.

Measured against the 21.99% corpus median, the same $2,500 costs approximately $122 less per year here.

Month to month it reads as about $37.23 per cycle on that balance.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

The no-interest path

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. 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.

Penalty pricing and late fees

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

Charges beyond interest

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.

Taking cash against the card means a cash advance fee of 2% and a cash advance APR of 16.24%. Cash advances also tend to fall outside any grace period, which means interest typically starts on day one rather than at the end of a billing cycle.

The filing discloses a 16.24% balance transfer rate without an accompanying fee figure.

The issuer's other agreements

This is one of 4 Tower Federal Credit Union agreements collected here. Pricing across this issuer's filings is uniform at 17.99% — the rate table does not distinguish one of its cards from another.

What you cannot learn from the filing

This page cannot tell you a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Reading the agreement yourself

This summary stands or falls on the linked PDF — five pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

At 17.99% the purchase rate is close to ordinary for this corpus; nothing in the rate table sets this filing far apart from its peers. With no annual fee, the cost of the account is entirely a function of whether a balance is carried. And because the filing covers several products in one table, even the figures that are right may belong to a different card.