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crimson
10-15-09, 7:55am
bang.gif bang.gif

QUOTE
October 15, 2009
Bank of America begins charging annual fees on some credit cards


And so it begins!

Bank of America has informed a small group of its credit cardholders that they will be charged an annual "membership" fee starting in February 2010, according to the Associated Press.

Customers could reject the fee by the Dec. 16 deadline, but then the account would be closed, according to the story.

Apparently the fees, which will range from $29 to $99, are targeted at those who rarely carry a balance or incur penalties.

This is exactly the kind of tactic that banking experts predicted credit card issuers would try

http://weblogs.baltimoresun.com/business/c...it_card_an.html
threeuncle
10-15-09, 8:40am
QUOTE
October 15, 2009
Apparently the fees, which will range from $29 to $99, are targeted at those who rarely carry a balance or incur penalties.


For people who are not profitable to them, this is the price to pay!? Why I am thinking this is going to be adapted by other banks soon...
dasnufus
10-15-09, 9:15am
QUOTE (threeuncle @ 10-15-09, 12:40pm) *
QUOTE
October 15, 2009
Apparently the fees, which will range from $29 to $99, are targeted at those who rarely carry a balance or incur penalties.


For people who are not profitable to them, this is the price to pay!? Why I am thinking this is going to be adapted by other banks soon...



The funny thing is everyone customer should be profitable. Everytime I charge something, they get X% regardless if I carry a balance or not.
dboy
10-15-09, 10:28am
I bet I get a fee - the only reason I still have my BOA card is it's my oldest and one of the largest credit lines. It's got no perks or any reason to use it over my other cards. It's strictly used just enough to keep it alive.
BlueTDimly
10-15-09, 4:25pm
QUOTE (dboy @ 10-15-09, 2:28pm) *
I bet I get a fee - the only reason I still have my BOA card is it's my oldest and one of the largest credit lines. It's got no perks or any reason to use it over my other cards. It's strictly used just enough to keep it alive.

Me too, one of my oldest cards is a BOA. I also have the NEA BOA card with a $35k CL from when I did my 0% spree. I'd be happy to consolidate them all, as long as I don't lose the date of the oldest one (which is almost 10 years old now).

I agree that it's likely other banks will be doing this too.
mydeal
10-16-09, 6:16am
I'm guessing I'll be getting a letter. I actually like BoA's website for their CCs.
qwex
10-16-09, 12:36pm
QUOTE (dasnufus @ 10-15-09, 12:15pm) *
The funny thing is everyone customer should be profitable. Everytime I charge something, they get X% regardless if I carry a balance or not.


do the issuing banks get any of that? I thought it was the payment processor (visa, mastercard, etc) that kept that fee.
Nack
10-16-09, 7:27pm
Any of my cards they do this to will be swiftly canceled. I probably have too many anyway. Losing the revolving credit I have available with BofA, while a significant dollar amount, is a very small percentage of my total available, and will not put much of a ding in my credit score. There is only one card that I pay an annual fee for (a small fee), and I do it because the rewards make it very worthwhile to do so. None of my BofA cards fall into that category.
maestro
10-19-09, 6:49pm


got letter from Citi. purchase APR will increase to 29.9%. I can choose to opt out meaning close the card. Never carry balance and can't close since I need "virtual limit" card.
mydeal
10-20-09, 1:37pm
QUOTE (maestro @ 10-19-09, 9:49pm) *
got letter from Citi. purchase APR will increase to 29.9%. I can choose to opt out meaning close the card. Never carry balance and can't close since I need "virtual limit" card.

Is this in response to a missed payment, change in your credit report, or some other event, or just out of the blue?
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