Application Solicitation Disclosure 2020 (002)

The Application Solicitation Disclosure 2020 (002) filing from University of Kentucky Federal Credit Union sets out a purchase APR of 7.24%–16.24%. Against the 4,587 filings on this site, that rate lands around the 17th percentile.

On the face of the filing

University of Kentucky Federal Credit Union submitted the terms for Application Solicitation Disclosure 2020 (002) to the CFPB's agreement database; this is what they contain. It is issued on the Visa network and the filing runs two pages.

The filing is explicit about a purchase rate, a cash advance rate, a balance transfer rate, a late payment maximum and a foreign transaction fee. It is silent on a penalty rate and an annual fee line.

How the purchase rate compares

Rather than a single purchase rate, the document gives a band — 7.24% at the bottom, 16.24% at the top, 9 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 3rd percentile at the bottom and the 17th 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.

What a balance actually costs

At the disclosed purchase APR, $3,000 revolving for a full year costs something like $529 in 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 $209 annually against that benchmark.

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

The fee structure

Taking cash against the card means a cash advance APR of 16.24%. The grace period described below generally does not extend to cash advances, so interest on them usually begins immediately.

Transferred balances are priced at 7.24%; no separate transfer fee was captured from the filing.

Foreign transactions attract 1%. On $1,500 of overseas spending that is $15, charged on top of whatever exchange rate applies.

Default pricing

On the fee side, a late payment can cost up to $29, which is around the 47th percentile here.

Grace period and minimum charge

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies. That matches the 25-day median across the corpus almost exactly.

The issuer's other agreements

There are 20 filings from University of Kentucky Federal Credit Union in this index. The issuer's own range is 11.49%–18%. At 16.24%, this agreement is dearer than 2 of its siblings.

The limits of this document

Absent from the captured terms: an annual fee and penalty pricing. 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.

Where the authority sits

Everything here is a reading of the filed agreement, two 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 16.24% is one of the cheaper figures in this index — the central point in the agreement's favour.