VISA Platinum OptimUM VISA Platinum Cash Rewards Application and Solicitation Disclosure

VISA Platinum OptimUM VISA Platinum Cash Rewards Application and Solicitation Disclosure, as filed by University of Michigan Credit Union, carries a 8.99% purchase APR and no annual fee. Against the 4,587 filings on this site, that rate lands around the 4th percentile.

What the document actually states

VISA Platinum OptimUM VISA Platinum Cash Rewards Application and Solicitation Disclosure is one of the agreements University of Michigan Credit Union has on file with the CFPB. It is issued on the Visa network and the filing runs three pages.

The filing is explicit about a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. A penalty rate is not stated.

How the purchase rate compares

Ranked against the corpus, this purchase APR — 8.99% — sits at approximately the 4th percentile and sits in the bottom few percent of everything filed.

Translating the rate into money

At the disclosed purchase APR, $5,000 revolving for a full year costs something like $470 in interest.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $759 annually against that benchmark.

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.

Where the fees are

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.

Cash advances carry a cash advance APR of 8.99%.

The filing discloses a 8.99% balance transfer rate without an accompanying fee figure.

The filing sets a 1% foreign transaction fee, which adds roughly $10 to $1,000 spent outside the United States.

The grace period

Purchases carry a 27-day grace period: pay the statement in full inside it and the purchase rate never applies. The median across this index is 25 days, so this filing is more generous than most.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

Default pricing

The maximum late fee is $35 — roughly the 54th percentile of the late fee ceilings disclosed across this index.

Against the rest of University of Michigan Credit Union's filings

There are 4 filings from University of Michigan Credit Union in this index. Across that lineup purchase rates span 8.99% to 12.99%; this filing's 8.99% sits above 0 of the comparable ones.

What the filing does not tell you

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

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.

Go to the source

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 8.99% is one of the cheaper figures in this index — the central point in the agreement's favour.