BofA secured credit card Annual Fee

[Anonymous]

I recently put in $1,000 for a secured BankAmericard with an annual fee of $39.

Is it true that the annual fee does NOT go away and you are stuck with the annual fee for the life of the card after it graduates or even if you PC? If so, should I just close the account?

[Gabo]

yes info is 100% correct, citi or capital or credit union

[JayRizzo]

Hold your horses!!!  Don't go bailing out just yet... there are always some temporary workarounds.  First, people talk about Annual Fees like it's the end of the Universe.  All it takes is a call, but I'd rather send a certified letter to have it in writing, to communicate your concerns regarding the AF, etc.  More likely, they will waive the fee for the first time.  You have successfuly bought yourself another free year to allow your card to grow.

Some members, including myself, have made this an annual routine and have our good payment histories over x-years as leverage -- works every time!  Sometimes, you'll get a friendly note deviating your account from an AF for the next x-years -- just my own experience YMMV.

[vish1]

No reason to cancel. BofA is pretty good if your payment history is clean.

They upgraded my secured (500 CL) to unsecured 7500 about 2-3 days before 1 year and when I called back, they waived off the AF for this year. So with your $39, you can use it for 2 years happily.

[Cranston]

I contact BofA and they told me.

After the card has been unsecured you can apply to change the type of CC to a non AF card.

My wife changed her card from the signature visa to a normal visa with BofA last year. They gave her a new account numbder but kept the card history.

Hopefully it will be a similiar process.

[Anonymous]

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@Gabo wrote:

yes info is 100% correct, citi or capital or credit union

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That hasn't been my experience.

[vish1]

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@Cranston wrote:

I contact BofA and they told me.

After the card has been unsecured you can apply to change the type of CC to a non AF card.

My wife changed her card from the signature visa to a normal visa with BofA last year. They gave her a new account numbder but kept the card history.

Hopefully it will be a similiar process.

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All their CSRs talk different things. I have been told by most reps that if your account originally had a AF, it stays even after a pc.

[Anonymous]

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@vish1 wrote:

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@Cranston wrote:

I contact BofA and they told me.

After the card has been unsecured you can apply to change the type of CC to a non AF card.

My wife changed her card from the signature visa to a normal visa with BofA last year. They gave her a new account numbder but kept the card history.

Hopefully it will be a similiar process.

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All their CSRs talk different things. I have been told by most reps that if your account originally had a AF, it stays even after a pc.

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Not sure how that is possible since banks such as Citibank and Bank of America have specific cards that are always no AF. 

Look at the BOA Accelerated Rewards American Express Card's Terms & Conditions:  No Annual Fee.  If you do a PC to a card that has T&Cs stating no annual fee, then it is extremely unlikely they will go against their own T&Cs and charge you an AF.

[Cranston]

I will let you know in June what happens when I try to unsecure....

My guess is it will come down to credit rating...If your score is high enough they will probably try and keep you as a customer.

[Anonymous]

Thanks! I guess only time will tell. I'm really excited to have BofA grow with me.