I currently have a 10k limit BofA cash rewards card, 7.24% APR and a $59 annual fee.
I've spoken to a rep, obviously not anyone with power, about getting my annual fee removed. I've been advised this is not possible. Is it?
Should I just balance transfer the balance to another card for 0% APR and walk away from it and/or reapply for one with no annual fees? Or is there a certain department I can contact to make this happen? I've been with them for a long time and I'm just now getting everything under control as my credit scores are very, very good (mid to high 700's, just got the Amex PCE).
@sdotlow wrote:I currently have a 10k limit BofA cash rewards card, 7.24% APR and a $59 annual fee.
I've spoken to a rep, obviously not anyone with power, about getting my annual fee removed. I've been advised this is not possible. Is it?
Should I just balance transfer the balance to another card for 0% APR and walk away from it and/or reapply for one with no annual fees? Or is there a certain department I can contact to make this happen? I've been with them for a long time and I'm just now getting everything under control as my credit scores are very, very good (mid to high 700's, just got the Amex PCE).
I have the 123 Privileges and had my issue escalated and they waived the AF completely. Mind you, my account was messed up and they couldn't explain it. So as a courtesy they removed it totally.
In your case, I thought that the regular 123 cash rewards didnt have an AF
It doesn't. I had originally had the BofA Platinum card from years and years ago when I first started building my credit. I recently started doing product changes when I got my credit score up into the mid 700's. When I did a product change on my BofA Platinum card (via chat online), I was advised I could not get rid of the annual fee. I just spoke with another rep that said I could not have the annual fee waived.
It sounds like low level BS, but I want to make sure I can infact get it removed by calling one of the credit analyst numbers or possibly just dumping the card and doing a balance transfer to one of my other cards. I have a 1.5k balance out of the 10k. I've been a great customer of BofA over the past 7 years, and they've made quite a bit of money off of me in interest before I got my cards cleaned up. Granted, the variable rate on the card is 7.24%, which seems damned good. But I don't like annual fees.
I call BS on the AF can not be removed. my cash rewards was a secure card with AF ,and CA removed it without me even asking when I called in to inqury about a lower APR after my card was convert after a year. .
Good to know! I'll be making that call when I get home this evening.
If need be, I'll threaten to balance transfer to my new card and cancel. I'm going to balance transfer anyway to a 0% APR since I'll be clearing it up in the next couple months.
I had a similar situation. Gold\Plat same 59$ AF, PC'd to 1-2-3, tried to get the fee removed (can't) tried to get it waived (nope), tried for a year for a CLI (not yet). Was my lowest limit card, after a year of calling a few different numbers as well as trying via chat, I decided to just dump them. I don't like the BOA or how they do business so why was I paying them to hold their card (which was my lowest limit) for 5 years anyway....
If you can get a 10k limit with the BOA, you can no doubt replace it with a better lender and product. The BOA thinks it is THE bank, and they treat a lot of their customers with that type of attitude. The more that comes out in the news on this bank (and others) the happier I am that I have NFCU, Discover and AMEX (none of them perfect, just a bit better IMHO).
Some people are happy with them, those that aren't, might want to look elsewhere I guess. You did get a great CL with an excellent APR though which is a big plus.
Thanks for the twitter suggestion!
Just tweeted them!
They don't appear to tweet. Did they DM you?
BofA rep replied via twitter and contacted me via DM.
Just got off the phone with them. He said that because I've been paying off my balance, they'd have to wait 30-60 days to make sure it was not a balance transfer or something where I'm shifting money around. I told him if he reviews my payment history he will notice every single payment coming from the exact same checking account over the past 5-6 years. He put me on hold, reviewed my account and where the payments were coming from, and when he came back on the phone he told me I was correct and they would be removing the annual fee from this point forward.
Thanks for the great tip!!
