VISA Platinum Cash Rewards Account Opening Disclosure

VISA Platinum Cash Rewards Account Opening Disclosure, as filed by University of Michigan Credit Union, carries a 12.99% purchase APR and no annual fee. The purchase rate sits at roughly the 10th percentile of the 4,587 agreements indexed here.

What the document actually states

What follows is drawn entirely from University of Michigan Credit Union's CFPB filing for VISA Platinum Cash Rewards Account Opening Disclosure. The filing runs three pages, and It is issued on the Visa network.

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.

The purchase APR against the corpus

Set beside the rest of the index, the purchase APR of 12.99% lands at the 10th percentile; it falls in the low band of the corpus.

Translating the rate into money

At the disclosed purchase APR, $1,000 revolving for a full year costs something like $139 in interest.

Priced at the median of 21.99%, that balance would generate about $246 in a year — so this agreement comes in around $107 cheaper for the same debt.

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 fee structure

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Taking cash against the card means a cash advance APR of 12.99%. 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.

Transferred balances are priced at 12.99%; no separate transfer fee was captured from the filing.

Spending abroad costs an extra 1% — about $30 on $3,000 of purchases, independent of interest.

When a payment is late

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

The grace period

27 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That is longer than the corpus median of 25 days.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

The issuer's other agreements

This is one of 4 University of Michigan Credit Union agreements collected here. Pricing across this issuer's filings is uniform at 8.99% — the rate table does not distinguish one of its cards from another.

The limits of this document

This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.

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.

Reading the agreement yourself

The original filing, 3 pages long, is linked on this page and should be read before any figure here is acted on. It is also a snapshot: issuers refile as terms change.

In short

At 12.99% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.