Question
Can I do anything about the new Bank of America annual fee?
I got a letter today from Bank of America stating they were going to start charging me an annual $59 fee due to *serious delinquency (which I've never had) and *Your recent pattern of payments and the APR on this account (which is like 19% and I've just paid it down from $4k to $400. I think this is alotta BS, because I barely get rewards points for anything I buy anymore, I JUST got my interest per month down from $50 to about $10, and NOW they're going to start charging an annual fee? What is this, the 90s? I have student loans, but I like to use my credit card and I like having it in case of an emergency... but I am not sure if it's worth an annual fee, especially when other cards aren't charging fees, and this is all because of Bank of America's economy problem. Plus as I've read, this is a "test on consumers". Closing this card would effect my credit score negatively. If I call them, would they possibly lower this fee? I've had this card for 6 years now. Am I overreacting or is this BS? Is it worth it NOT to have a credit card? My APR isn't even that great, over 18%, and it started off around 10%. Ugh.
1 month ago - 6 answers
Best Answer
Chosen by Asker
1. The fee that they are charging you is not part of the "test on consumers". That test involves a $29 fee, not a $59 fee, targets customers who are not charged any interest, and does not refer to "delinquency" as a reason for the fee in the letter. 2. You statement "Closing this card would effect my credit score negatively" may not be correct. In many cases, closing an account affects your score positively.
1 month ago
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Other Answers
I wouldn't pay it. These people are behaving like crooks to see if they get away with it. Just go get another card now before you close this one, so any damage that closing the account does will happen after you get your new card. I would go with a local credit union, they tend to be much more reasonable in their policies. Notify B of A that you do not accept the change in terms in conditions. By law, they have to let you finish paying off your existing account under the existing terms and conditions. Just try to pay the balance off quickly, as 18% is a ripoff, too. They are borrowing money from us, the taxpayers, at 0% and charging their customers 18%. I like the pentagon federal credit union - they will transfer your balance to their card at a 4.99% interest rate (your interest would only be about $1.50 a month with this card!).
by Lauren F- 1 month ago
You need to call to talk to someone if they say your account has been in *serious delinquincy* -- this could mean identity theft if you are compeltely unaware of what they mean. When was the last time you got a credit report to check your information? Some surverys show that up to 80% of information on Credit Reports are incorrect and if you don't look at yours, you could never know until something like this happens. Try to look into getting a report asap and speak with a Bank of America Rep soon. Good luck! Ps. Yes, that sounds like complete BS that they are treating you that way.
by yinyang_rocker- 1 month ago
My advise... pay off the card then cancel it and don't do business with BofA ever again. That is what I did more than 20 years ago. They have always been an unreasonable business to bank with. If you can, join a federal credit union in your area. They work just like a bank but you are a share holder and they don't charge a lot of unnecessary fees.
by woodbutcher- 1 month ago
You got a "one size fits all" form letter. Basically, your only choices are to either accept the new terms or close the accounts.
by jlf- 1 month ago
Your only choice is accept conditions or close the account. You can try calling them, but it's likely not gonna work. I'd suggest getting things moving on opening another account somewhere, but I'm afraid they will all eventually add annual fees like they used to have. They are desperate for fee income and it's a reaction to federal regs coming down that are in place to stop their abusive rates on other people. Problem is, they are going to get their money from somewhere. Either high rates on bad credit people or fees on the rest of us.
by Jay S- 1 month ago