Choice Privileges Select Mastercard Credit Card Agreement

The Choice Privileges Select Mastercard Credit Card Agreement filing from Wells Fargo Bank sets out a 12.99% purchase APR and a $95 annual fee. That purchase rate ranks near the 10th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

Wells Fargo Bank filed this agreement for Choice Privileges Select Mastercard Credit Card Agreement with the Consumer Financial Protection Bureau. It is issued on the Mastercard network and the filing runs 20 pages.

The disclosure covers a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. It is silent on a penalty rate.

Where the purchase APR sits

At 12.99%, the purchase APR falls at roughly the 10th percentile of the 2,280 filings indexed here, which sits well down in the cheaper fifth of the set.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

What a balance actually costs

Carry $5,000 on this card for a year without paying it down and the purchase rate alone generates roughly $693 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 $536 annually against that benchmark.

Month to month it reads as about $53.66 per cycle on that balance.

Note the $1 minimum interest charge, which overrides the arithmetic above whenever the calculated interest falls below it.

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.

The no-interest path

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.

The $1 minimum interest charge means the effective cost of carrying a very small balance is far higher than the quoted APR implies.

Penalty pricing and late fees

Late payments are capped at $40 under this filing, about the 72nd percentile of late fee maximums in the corpus.

The fee structure

$95 a year is the disclosed annual fee, which ranks near the 92nd percentile of the fees filed across this corpus.

One way to size that fee: at the card's own purchase rate of 12.99%, $95 is roughly the interest a balance of about $731 would generate in a year. The fee is a fixed cost that behaves like perpetual interest on that much debt.

For cash advances the filing discloses a cash advance fee of $10 or 5% of the advance, whichever is greater and a cash advance APR of 22.74%. That is 9.75 points above the purchase rate.

Balance transfers cost 5% of the amount transferred up front and then accrue at 22.74%. Shifting $3,000 across attracts something like $150 in fees on day one.

The foreign transaction fee is zero — a minority position in this corpus, where roughly 22% of disclosing filings waive it.

Against the rest of Wells Fargo Bank's filings

This is one of 28 Wells Fargo Bank agreements collected here. Across that lineup purchase rates span 9.74% to 28.99%; this filing's 12.99% sits above 9 of the comparable ones.

Its $95 annual fee is higher than 9 of the 13 sibling filings that state one.

What is outside the disclosure

The disclosure parsed here does not state penalty pricing. 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.

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.

Go to the source

This summary stands or falls on the linked PDF — 20 pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

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. The $95 annual fee is charged regardless of use, so it is a cost that applies even to an account that never revolves.