To keep or get rid of BOFA

[Anonymous]

I been calling BOFA the last few days seeing if i an do a PC to get rid of the AF that will be added to my account in April. It's been a no go was told I can do a PC but the AF will fellow me to the new card. This card is my largest CL $5000 opened back in 08. I would hate to loose the line but I don't want to pay the AF. Should I keep or close?

[FicoScore626]

How much is the annual fee?

For me it would depend on what the annual fee is and how much I like the card (i.e. credit line, rewards, etc.).

If I had a card with a good limit ($2500 - $9000) and rewards and they wanted $29 - $49 as an annual fee, I'd keep the card. At least for a while until I got a better one. But I sure as hell wouldn't want to have to put up with a $49 annual fee on a crappy card with only a $350 credit limit. I'm looking at YOU First Premier Bank! Did that for a year because I didn't have any better unsecured options. Now that I do they're not getting a dime come July.

[minimock]

Well you know what they say about opinions, but if it was me and I could afford it and it was my oldest trade line, Id keep it.......all things being equal.

[thrasher865]

Did we ever figure out what triggered those AFs?  I haven't been hit, yet.  BoA is gone if they do try that.

If I were you, I would get rid of it.  There's no reason to pay AFs if your credit is in good shape (unless you get services above and beyond a typical non-AF card, like AMEX charge).

[flapjack]

I can't help you to keep or let go, but I can tell you what happened to me. I got the AF notice back in February and got them to reverse it, finally. I had just paid off the card probably before the notice went out and I informed them I did not want to cancel the card yet because I was going to attempt to refinace my house note, but once that was done, I probably would if they did not remove it. The fron line csr spent ten minutes trying to change my mind before transferiing me up to the credit department.  She did a soft pull, asked me about my income and why I didn't have more business with them. I explained it was happenstance at this point, I had nothing against BOA, I intended to refi of my house and my seriousness about ultimately closing this account if they didn't remove it. She finally acceded and they removed the AF and added rewards, promising to send a new card out in a couple of weeks, but....

I should have had something in the mail by now, at least as I thought yesterday, so I called again to check. I explained to csr why I was calling and she said yes, she saw the changes, and yes I should be getting it in a couple of days, but no, there was still the same AF on the account. I was livid. We argued back and forth for another ten minutes and she hung tenaciously on to the idea the fee could not be removed. I can only assume they must be told to do this. Finally she tried to transfer me but could not and promised a call back. That was okay, because I had somewhere to go at that point. Only when I called back on returning, did I find out the last csr already had it in the notes there was to be no AF. I finally got a call around 8 from the orignal rep who had agreed to drop the AF before. She apologized and promised to put a letter to that effect in the mail. I would advise anyone who does get a verbal agreement on this from boa to also get it in writing.

btw, there are links to other new stories in a simlar thread on this board, but one I have with a good discussion is from the Consumerist, http://consumerist.com/2011/02/bofa-adds-59-annual-credit-card-fee.html .

[Anonymous]

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@thrasher865 wrote:

Did we ever figure out what triggered those AFs?  I haven't been hit, yet.  BoA is gone if they do try that.

If I were you, I would get rid of it.  There's no reason to pay AFs if your credit is in good shape (unless you get services above and beyond a typical non-AF card, like AMEX charge).

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My letter stated high balances on other credit card accounts which i just paid them all in full an past relationship with BOFA whatever that means an to many resent inquiries. When i receive my Chase freedom in the mail i think I'm going to do a BT an close the account unless they remove the AF which i think that's not going to happen.

[Anonymous]

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@minimock wrote:

Well you know what they say about opinions, but if it was me and I could afford it and it was my oldest trade line, Id keep it.......all things being equal.

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Is one of my oldest open accounts aslo the AF will be $59 a year.

[Datx]

$59 AF for a BOA card. That is a real bummer. I thought only subprime lenders charge that much for AFs.

[Anonymous]

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@MyCreditStinks wrote:

$59 AF for a BOA card. That is a real bummer. I thought only subprime lenders charge that much for AFs.

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RIGHT!

[Anonymous]

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@Anonymous wrote:

I been calling BOFA the last few days seeing if i an do a PC to get rid of the AF that will be added to my account in April. It's been a no go was told I can do a PC but the AF will fellow me to the new card. This card is my largest CL $5000 opened back in 08. I would hate to loose the line but I don't want to pay the AF. Should I keep or close?

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Just some food for thought as you consider what to do with this account--

*I dont' know which BoA card product you have, but one thing you might consider is whether or not you'll capitalize on enough rewards to offset the the amount of the annual fee that they're planning to impose. If you'll get cash back or points (say towards a VISA giftcard or something) that would equal or, ideally, exceed the amount of the annual fee, you might consider it worth it. Assuming you won't carry any balances, and end up having to pay interest, will you break-even, or make a profit?

*Another thought is that you might try calling a BoA backdoor number and asking if they'd reconsider the AF if you open a checking or savings account with them. Having no other BoA accounts was one of the triggers for instituting this annual fee. They've not imposed a fee on me, but I greatly reduced my business with them over the last 18 months. I did, however, keep one checking account (converted to their fee free eBanking account) that I keep a nominal amount of $$ in, and transfer a few dollars to once every few months. And, I only kept it, because it might come in handy (some day) to have a brick & mortar branch of a bank at my disposal, LOL!