Smart Rate Visa Credit Card Agreement and Disclosure

On the record for Smart Rate Visa Credit Card Agreement and Disclosure: a 9.5% purchase APR and no annual fee, filed by United States Senate Federal Credit Union. The purchase rate sits at roughly the 4th percentile of the 4,587 agreements indexed here.

What the document actually states

United States Senate Federal Credit Union submitted the terms for Smart Rate Visa Credit Card Agreement and Disclosure to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs three pages.

On the record here: a purchase rate, an annual fee line, a late payment maximum and a grace period. No figure appears for a cash advance rate, a balance transfer rate and a penalty rate.

The purchase rate in context

Ranked against the corpus, this purchase APR — 9.5% — sits at approximately the 4th percentile and is lower than almost every other agreement here.

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.

What a balance actually costs

At the disclosed purchase APR, $1,000 revolving for a full year costs something like $100 in interest.

The corpus median purchase rate is 21.99%, which on the same $1,000 would cost about $246 a year. This filing saves roughly $146 annually against that benchmark.

Broken down to a single thirty-day cycle, the same balance accrues roughly $7.84.

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 grace period

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

What a missed payment costs

Late payments are capped at $35 under this filing, about the 54th percentile of late fee maximums in the corpus.

The fee structure

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.

What is outside the disclosure

This page cannot tell you anything about cash advances, balance transfer terms, a foreign transaction fee and penalty pricing, because the filing's disclosure table as read does not contain them.

It is worth being explicit about scope: these filings record terms and pricing. They say nothing about rewards programmes, cardholder benefits, promotional offers or who the issuer will approve, and this review does not speculate about any of it.

The document itself

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

In short

The purchase rate of 9.5% is one of the cheaper figures in this index — the central point in the agreement's favour. With no annual fee, the cost of the account is entirely a function of whether a balance is carried.