Bank of America Premium Rewards Elite English

Bank of America prices Bank of America Premium Rewards Elite English as a margin over the Prime Rate rather than as a fixed APR, so the filing discloses the spread but not the cost. This page explains what that means and sets the other disclosed terms against the corpus.

The disclosed terms

Bank of America Premium Rewards Elite English is one of the agreements Bank of America has on file with the CFPB. It is issued on the Visa network and the filing runs 11 pages.

The filing is explicit about a penalty rate, a late payment maximum and a grace period. It is silent on a purchase rate, a cash advance rate and a balance transfer rate.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

A margin over Prime, not a rate

This filing does not quote finished APRs. It states margins — numbers that are added to the Prime Rate to produce the rate actually charged. Everything below should be read that way.

As read from the document: 29.99 points for penalty pricing.

Because the filing prices off an index, the dollar cost of a balance cannot be computed from the document alone. It is the current Prime Rate that completes the sum, and that changes.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

Where the fees are

For cash advances the filing discloses a cash advance fee of 5%.

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.

When a payment is late

The maximum late fee is $41 — roughly the 89th percentile of the late fee ceilings disclosed across this index.

Against the rest of Bank of America's filings

Bank of America has 32 agreements indexed on this site.

What the filing does not tell you

This page cannot tell you a purchase rate, balance transfer terms, an annual fee and a foreign transaction fee, because the filing's disclosure table as read does not contain them.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

Go to the source

Everything here is a reading of the filed agreement, 11 pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

What can be said is how this card is priced, not what it costs. That distinction is the whole of the analysis here, and the agreement is the place to confirm the index it uses.