Did you hear that Bank of America is testing out how much of an annual fee it credit card holders will endure? Bank of America credit card holders are receiving letters stating that on December 7, 2009 they will be charged a Bank of America credit card annual fee.
The interesting thing about this story is that BOA credit card holders are being charged different amounts. It seems like this is part of a live survey that Bank of America is conducting to determine what is the best price point for its credit card annual fee.
I was listening to the Clark Howard show and he said that a person on his staff was told that her annual fee would be $59.99 meanwhile several callers reported that their fees were $29.99 and $49.99.
This should really concern credit card holders. If card holders accept the BOA credit card annual fees, it is just a matter of time until Capital One, Citibanks, and Chase credit cards follow Bank of America's lead.
This is one of the unintended consequences of all of the Credit Card Bill of Rights legislation that has been passed. Whenever government regulates business, the consumers always pay for it in the end. While credit card companies will have harder times charging late fees, they will make up for it by everyone an annual fee. Once again, people who pay their bills on time will be punished so that those who are late don't get gouged.
For those of you who are Bank of America credit card holders call up Bank of America and protest its annual credit card fee. But, be careful because they might close your account if you reject the fee. Therefore you might want to get another credit card so that your credit does not take a hit when you cancel your Bank of America credit card.
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{ 2 comments… read them below or add one }
Thank you for the head’s up! I’ll be sure to PIF the small balance on the card and cancel (I’ve hated that BofA card since the beginning).
So wrong of them.
Ahhh, another big bailed out bank trying to take advantage of the consumer. Love it!
I’ve got one CC, and one CC only. It’s more than enough!