National Education Association RateSmart Mastercard English

Bank of America prices National Education Association RateSmart Mastercard 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.

What the agreement puts on the record

What follows is drawn entirely from Bank of America's CFPB filing for National Education Association RateSmart Mastercard English. The filing runs 11 pages, and It is issued on the Mastercard network.

The disclosure covers 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.

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

Margins, not APRs

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.

The practical consequence is that this card has no single disclosed price. The cost of carrying a balance moves whenever the Prime Rate moves, in lockstep and without notice, and no arithmetic on this page can tell you what it costs today.

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

What the card costs before you borrow

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

Foreign transactions attract 5%. On $1,500 of overseas spending that is $75, charged on top of whatever exchange rate applies.

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

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.

Penalty pricing and late fees

Late payments are capped at $41 under this filing, about the 89th percentile of late fee maximums in the corpus.

Inside Bank of America's filed lineup

32 separate Bank of America filings appear in the corpus.

What the filing does not tell you

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

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.

Reading the agreement yourself

This summary stands or falls on the linked PDF — 11 pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

Margins over Prime make this agreement legible but not priceable from the document alone. Treat the figures above as structure, and look up the current Prime Rate before drawing conclusions.