Bank of America Unlimited Cash Rewards Secured English

Pricing in Bank of America's Bank of America Unlimited Cash Rewards Secured English agreement is expressed relative to the Prime Rate. This review treats those figures as margins, which is what they are, and compares the fee terms that can be compared.

The disclosed terms

The document behind this page is Bank of America's filed agreement for Bank of America Unlimited Cash Rewards Secured English. The filing runs 12 pages.

The disclosure covers a penalty rate, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a purchase rate, a cash advance rate and a balance transfer rate.

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

Margins, not APRs

The rate figures in this agreement are expressed as margins over the Prime Rate rather than as absolute APRs. A margin is not a rate: the rate is the margin plus whatever Prime happens to be.

The filing's margin figures come to 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.

Parsing confidence here is medium, so treat the figures as indicative of the filing rather than a substitute for it.

The fee structure

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

Spending abroad costs an extra 5% — about $150 on $3,000 of purchases, independent of interest.

That is at the high end of this corpus — around the 99th percentile of disclosed foreign transaction fees.

The grace period

The filing gives 25 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest.

What a missed payment costs

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

There are 32 filings from Bank of America in this index.

What you cannot learn from the filing

The disclosure parsed here does not state a purchase rate, balance transfer terms and an annual fee. 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.

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.

Where the authority sits

Everything here is a reading of the filed agreement, 12 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 honest summary is that this filing discloses a structure rather than a price. The margins are real and comparable to each other; the cost of borrowing is whatever Prime makes it.