topic Re: To close or not to close? BankofAmericard Cash Rewards in Credit Cards

To close or not to close? BankofAmericard Cash Rewards

tempusfugit123 — Wed, 31 Dec 2014 01:38:02 GMT

I've had this particular account with Bank of America since 2008. It started off as a Platinum Plus Visa with no rewards and a $500cl/$59 annual fee. At the time I was rebuilding my credit and couldn't care less that it was worthless. I was 19 a new mom and new to credit and was just extremely happy to get my foot in the door.

Now, fast forward to today I see my annual fee has been charged again and the limit still at a whopping $500. I don't know what to do because they refuse to remove the annual fee and they won't raise the credit limit. My credit is far more superior than it was back then and I have accounts that see more growth.

What should I do?

I didn't want to close this account. It is one of my oldest accounts my credit history started in 06. I have several other great accounts. But I just don't know what to do. Maybe I should wait and see?

Re: To close or not to close? BankofAmericard Cash Rewards

Anonymous — Wed, 31 Dec 2014 01:39:53 GMT

Call and convince them to remove annual fee. They will. Say you have other cards and you don't need this one with a fee and will close it.

Re: To close or not to close? BankofAmericard Cash Rewards

kdm31091 — Wed, 31 Dec 2014 01:40:49 GMT

I assume they won't let you PC it to anything else? If not, unfortunately you may want to bite the bullet and close it, since they won't remove the AF and won't let it grow with your improving scores. Your AAOA will recover, and your score may temporary dip but it will rebound. And I wouldn't waste my time with a bank who obviously doesn't value you much.

For what it's worth, I have had nothing but bad luck with BOA not even in the credit card sense but the few times I've had banking products with them (I had a CD with them) they were generally terrible, bad customer service in branches, didn't seem to value customers at all, etc.

Re: To close or not to close? BankofAmericard Cash Rewards

TRC_WA — Wed, 31 Dec 2014 01:42:12 GMT

BoA sucks.

Close the card and move on.

Re: To close or not to close? BankofAmericard Cash Rewards

Anonymous — Wed, 31 Dec 2014 01:44:02 GMT

Your AAoA will not suffer if you close the card. Closed accounts stay in your report for 10 years. Try to get rid of the AF but it won't hurt your score if you close it. Here a good thread about closing cards:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Re: To close or not to close? BankofAmericard Cash Rewards

DiabolicallyRandom — Wed, 31 Dec 2014 01:44:38 GMT

If they wont permanently remove the fee or product change the card, close it. It will remain on your report for up to 10 years and wont have any adverse effect on your AAOA.

Re: To close or not to close? BankofAmericard Cash Rewards

kdm31091 — Wed, 31 Dec 2014 01:45:15 GMT

Irish80 is right. Honestly your AAOA will be fine because it will reports on your report for years anyway, whether it's closed or not. That temporarily slipped my mind.

Definitely just close this stupid card and move on. Lol the Cash Rewards from BOA is not that exciting of a card anyway. I'd rather have the BCE with the categories flipped (3% groc 2% gas vs BOA's 2% groc 3% gas) because unless you spend a ton on gas, the BCE is better.

But that's not the point. OP, I'd just tell BOA goodbye

Re: To close or not to close? BankofAmericard Cash Rewards

tempusfugit123 — Wed, 31 Dec 2014 02:04:38 GMT

Thanks everyone for your quick responses! I product changed the card last year to a BankAmericard Cash Rewards card expecting there to be no annual fee but there still is. They say that they will not remove the AF so I'm going to most likely close the card. It will stick with me for 10 years so thats ok. I've had perfect payment history and everything which is pretty disappointing. In the past they have told me that my card was partially secured which wasn't true (never put a deposit) so I think that might be the issue.

Re: To close or not to close? BankofAmericard Cash Rewards

Anonymous — Wed, 31 Dec 2014 02:29:46 GMT

As a huge Bank of Amerca user, this is very tricky.

If I were you and didn't care about rewards, but didn't want to pay an annual fee, I'd call Bank of America and see if you can get the annual fee waved. If you can't get it waved, close the account or ask if you could have it switched to the Cash Rewards CC where you get 3% back of gasoline, 2% back at grocery stores, and 1% everything else like mine in my siggy.

Don't be afraid to close it and app for the one that actually gives you rewards. That card is going to stay on your report for 10 years, regardless if you close it or not.

Re: To close or not to close? BankofAmericard Cash Rewards

Anonymous — Wed, 31 Dec 2014 02:40:30 GMT

This sounds insane to me. I would call and tell them that you need to close the card because you can't justify the annual fee and have others. Say that you hate to see it go but times are hard but you just can't justify paying the annual fee.

If they still won't budge, close the damn thing.

Can't believe they're doing this to you

Re: To close or not to close? BankofAmericard Cash Rewards

tempusfugit123 — Wed, 31 Dec 2014 02:45:03 GMT

Just called in and closed the account. They were persistent in telling me to simply reapply. I will be app'ing for a card with USAA and AMEX pretty soon so no loss for me. Thanks everyone for the advice.

Re: To close or not to close? BankofAmericard Cash Rewards

tempusfugit123 — Wed, 31 Dec 2014 03:33:38 GMT

Guess what you guys....After calling back in to talk to someone about my experience (I was just really ticked off) I found out that they could have waived my fee indefinetly and lowered my interest rate..... I don't know how to feel right now....

Re: To close or not to close? BankofAmericard Cash Rewards

ddemari — Wed, 31 Dec 2014 04:23:10 GMT

I saw your post to late but a simple email to the executive office would most definitely remove the annual fee. A cli too after all that time.

Re: To close or not to close? BankofAmericard Cash Rewards

Anonymous — Wed, 31 Dec 2014 04:29:27 GMT

DId you ask about waiving the annual fee and having the interest rate lowered with the representative you talked to when you canceled the card?

Re: To close or not to close? BankofAmericard Cash Rewards

tempusfugit123 — Wed, 31 Dec 2014 05:34:26 GMT

I spoke to several reps prior to closing my account and emailed, sent secured messages etc. After closing my account I wanted to speak to someone again because of the frustratiin. Because the Retention department was closed she sent me to another department. They said they would have been more than happy to remove the annual fee and lower the interest rate BUT because I closed the account they could not reopen it and I would have to reapply.

Re: To close or not to close? BankofAmericard Cash Rewards

sponge_gto — Wed, 31 Dec 2014 06:41:21 GMT

I would suggest that you ignore all the hypothetical promises they made you. They could've promised you the moon and it wouldn't mean a thing if the promise started off with a "would have been happy to"!