Preferred Rewards Visa Card Summary of Credit Terms

Preferred Rewards Visa Card Summary of Credit Terms, as filed by Union Bank, carries a purchase APR of 13.99%–23.99%, no annual fee and a 12-month 0% opening period. That purchase rate ranks near the 57th percentile across this corpus of 4,587 filings.

What this filing discloses

What follows is drawn entirely from Union Bank's CFPB filing for Preferred Rewards Visa Card Summary of Credit Terms. It is issued on the Visa network and the filing runs five pages.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. No figure appears for a penalty rate, a foreign transaction fee and a grace period.

The interest-free window

This agreement opens at 0% for 12 months, the only period in the document where carrying a balance is free.

Roughly 458 of the 4,587 filings indexed here disclose a zero-percent introductory rate, so this is a real feature of the document but not a rare one.

Behind the promotion sits a 23.99% purchase rate. On $1,000 that is in the region of $271 a year once the window closes.

The promotional window is therefore worth something on the order of $271 on $1,000, measured against the same balance priced at the standard rate for the same period.

How the purchase rate compares

Rather than a single purchase rate, the document gives a band — 13.99% at the bottom, 23.99% at the top, 10 points wide. The agreement discloses the range without disclosing how an account is placed within it.

Those two numbers occupy very different places in the corpus: roughly the 27th percentile at the bottom and the 57th at the top.

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 rate discussed in this section is the go-to rate — the one that applies once the promotional period described below has ended, not the promotional rate itself.

The arithmetic of revolving

Put $1,500 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $407.

On a median-priced agreement from this index (21.99%) the same $1,500 would run about $369 a year, so this card costs in the region of $38 more annually for the identical balance.

Per statement cycle that is on the order of $29.86 on $1,500, which is the number that actually shows up on a bill.

There is also a floor: the filing sets a minimum interest charge of $1.75, so any cycle that accrues less than that is billed at $1.75 anyway.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

Grace period and minimum charge

Where interest applies at all, the filing bills at least $1.75. On a tiny balance that floor can dwarf the rate itself.

Default pricing

The filing explicitly states that no penalty APR applies. That is worth noting: a default on this account does not, by the terms of this document, reprice the whole balance upward.

On the fee side, a late payment can cost up to $35, which is around the 54th percentile here.

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.

Cash advances carry a cash advance fee of 3% and a cash advance APR of 25.25%. Cash is therefore 1.26 points dearer than buying something with the card. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 13.99%; no separate transfer fee was captured from the filing.

Against the rest of Union Bank's filings

There are 7 filings from Union Bank in this index. Their disclosed purchase rates run from 18.99% to 23.99%, and this one at 23.99% is more expensive than 2 of them.

On fees, 3 of the 5 sibling filings that disclose an annual fee also set it at zero — this one is among them.

What is outside the disclosure

The disclosure parsed here does not state a foreign transaction fee and a grace period. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

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.

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

At 23.99% 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.