topic Re: BoA to begin charging annual fee? in Credit Cards

BoA to begin charging annual fee?

Anonymous514 — Mon, 15 Jun 2015 16:34:04 GMT

Last week a BoA rep told me soon they will begin charging everyone an annual fee...

Re: BoA to begin charging annual fee?

icyhot — Mon, 15 Jun 2015 16:36:40 GMT

For what card??

Re: BoA to begin charging annual fee?

Anonymous514 — Mon, 15 Jun 2015 16:41:38 GMT

The CSR said every card/cardholder.

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 16:44:35 GMT

@bigalkescott514 wrote:
The CSR said every card/cardholder.

Probably due to BoA being bought out by Capital One.

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 16:53:14 GMT

@Anonymous wrote:
@bigalkescott514 wrote:
The CSR said every card/cardholder.
Probably due to BoA being bought out by Capital One.

LOL...

Re: BoA to begin charging annual fee?

Imperfectfuture — Mon, 15 Jun 2015 16:54:57 GMT

@Anonymous wrote:
@bigalkescott514 wrote:
The CSR said every card/cardholder.
Probably due to BoA being bought out by Capital One.

You're bad. To the corner with you.

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 17:02:38 GMT

Customer service reps say all sorts of silly things. And sadly, if misinformed, even with a recording of the conversation, one often can't legally do much, since the company will say their written agreement controls.

If one's credit profile (not talking scores per se) is excellent, annual fees will be few and far between; easily waived. If BoA really does go annual fees for all, they'll be losing a lot of cardholders. Simple as that, and they know it - so don't believe the annual fee for all spiel; CSR's imagination running wild and/or seeking to justify not offering the best terms for whatever card you were inquiring about.

Re: BoA to begin charging annual fee?

icyhot — Mon, 15 Jun 2015 18:39:43 GMT

I can't imagine them charging an AF for any of their flagship cards, partner cards maybe. That'd be bad

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 18:44:03 GMT

@icyhot wrote:
I can't imagine them charging an AF for any of their flagship cards, partner cards maybe. That'd be bad

Trouble is, annual fees can appear attractive to decision makers as an easy source of some revenue at little or no effort. I would bet that all big banks have lots of people who rarely if ever use some cards, and now (potentially) we can get some money off them. For those not caught up in the world of credit card comparisons, a $25-50 fee might sound reasonable on a card that gives some rewards, tolerable enough not to consider cancelling and looking for a new card.

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 18:45:52 GMT

@Anonymous wrote:
@bigalkescott514 wrote:
The CSR said every card/cardholder.
Probably due to BoA being bought out by Capital One.

Re: BoA to begin charging annual fee?

baller4life — Mon, 15 Jun 2015 18:54:28 GMT

@Anonymous wrote:
@bigalkescott514 wrote:
The CSR said every card/cardholder.
Probably due to BoA being bought out by Capital One.

Freakin hilarious!!!

Re: BoA to begin charging annual fee?

kroberts67 — Mon, 15 Jun 2015 18:59:42 GMT

They do charge for their Spirit MC.

Re: BoA to begin charging annual fee?

newhis — Mon, 15 Jun 2015 19:33:10 GMT

One CSR told me that I can't PC my Cash rewards card to Travel rewards card by chat, that I need to call. The next day another CSR by chat said 'no problem', now it shows as Travel online and I'm waiting for the actual card.

I even went to the branch and asked about my PC status, and the banker told me 'we don't PC cards'.

There are a lot of cards out there without AF. I don't think BofA will start charging for their current cards. If they offer new cards with better perks, maybe they will charge AF on them.

Re: BoA to begin charging annual fee?

CreditMagic7 — Mon, 15 Jun 2015 19:39:12 GMT

Hah ha. ALL of these card companys are in HOT! competition so anything can be expected at anytme from them.

We just have to measure them on what we're willing to allow just like they do with us regarding rISK

Re: BoA to begin charging annual fee?

kdm31091 — Mon, 15 Jun 2015 19:51:07 GMT

I doubt they will suddenly just switch to charging an AF for every card. Some of their cards wouldn't really warrant it. For example IMO the Cash Rewards is a relatively weak card at this point (unless you have huge gas spend); an AF on it would make it even weaker. Also, BBR...nobody is going to pay an AF for a maximum of $100 a year in rewards!

Re: BoA to begin charging annual fee?

Anonymous — Mon, 15 Jun 2015 20:07:49 GMT

I'm right there with everyone. If BoA wants to start charging me an AF, two of my cards are gonna be cancelled without a second thought. I bank with the institution and the free trades are too good of a value to back out of that, but I'm not overly attached to their cards and I already have a QS/Discover card to replace my Travel Rewards should this happen. I will be keeping a close eye on things.

Re: BoA to begin charging annual fee?

Bman70 — Mon, 15 Jun 2015 20:11:03 GMT

More likely, OP has an annual fee and the CSR was trying to make him/her feel better.

Re: BoA to begin charging annual fee?

Imperfectfuture — Mon, 15 Jun 2015 20:25:43 GMT

The only AF cards I would consider is travel, aka Alaska Airlines. I was considering the BBR, but I have enough at this point in time. They pre qual me for everything (though regular cards have no AF), but I am good right now. Need to trim the limit on Aviator (whenever I get the replacement card), build up a little discover and amazon visa, and get cli on SimplyCash.

Only other wants, Chase Ink Cash, Sallie Mae, and maybe CSP. Maybe move Amazon limit to Chase Ink (hence the higher limit), and alas, maybe ditch Quicksilver.

Re: BoA to begin charging annual fee?

Anonymous514 — Mon, 15 Jun 2015 20:45:58 GMT

More likely that's not the situation lol! Nice try tho!!

Re: BoA to begin charging annual fee?

Anonymous514 — Mon, 15 Jun 2015 20:46:42 GMT

It is so funny that everyone on here thinks that they are so Elite I lol whenever I come on here