Before you read the numbers.
This agreement prices the card as the Prime Rate plus a margin rather than as a fixed APR. The figure shown is that margin in percentage points, not an APR. The rate actually charged moves whenever Prime moves, so the cost of carrying a balance changes without the issuer amending the agreement.
Disclosed rates and fees
Every figure below was read from this issuer's filed agreement. Anything the filing does not state is left out of this table rather than shown as zero.
| Penalty APR | 29.99% |
|---|---|
| Late payment fee | up to $41 |
| Foreign transaction fee | 5% |
| Cash advance fee | 5% % of Transaction Same-Day Online |
| Grace period | 25 days |
Analysis
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.
The source document
This page is a reading of one document: the cardholder agreement Bank of America filed with the Consumer Financial Protection Bureau. Where the two disagree, the filing is correct and this page is wrong.
Applications are handled by Bank of America, not by us. We do not take applications and cannot say whether you would be approved.
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Where this card sits
Groups this agreement qualifies for, by its own disclosed terms:
Comparable cards from other issuers
Closest disclosed margin over Prime among cards in the same groups.