topic Re: Bank of America charging some people an annual fee? in Credit Cards

Bank of America charging some people an annual fee?

smc733 — Mon, 14 Feb 2011 21:40:21 GMT

I just read on *cough* another credit-related board, as well as YELP, that a bunch of people, Power Rewards, Cash Rewards, and Platinum Plus cardholders are all being told they will begin to be charged a $59 annual fee unless they close the account. Has anyone heard this? The minute I get that letter is the minute my entire relationship with BofA terminates.

Just curious to see if this has happened to anyone else, and what the circumstances might be to trigger it...

Re: Bank of America charging some people an annual fee?

fused — Mon, 14 Feb 2011 22:07:04 GMT

I'm anxiously awaiting for replies. I'm also wondering if this new AF will be applied to FIA cards too.

Re: Bank of America charging some people an annual fee?

MarineVietVet — Mon, 14 Feb 2011 22:16:07 GMT

@smc733 wrote:
I just read on *cough* another credit-related board, as well as YELP, that a bunch of people, Power Rewards, Cash Rewards, and Platinum Plus cardholders are all being told they will begin to be charged a $59 annual fee unless they close the account. Has anyone heard this? The minute I get that letter is the minute my entire relationship with BofA terminates.

Just curious to see if this has happened to anyone else, and what the circumstances might be to trigger it...

Cheating on us huh??

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Bank of America charging some people an annual fee?

smc733 — Mon, 14 Feb 2011 22:20:27 GMT

@fused wrote:
I'm anxiously awaiting for replies. I'm also wondering if this new AF will be applied to FIA cards too.

I'm gonna do the community the favor, because I'm impatient, when I get out of work, I'll risk AA to see if I can get an answer about the AF from the credit dept.

Re: Bank of America charging some people an annual fee?

DI — Mon, 14 Feb 2011 22:26:29 GMT

I haven't heard anything about that. I have the power reward card. But, as soon as and if it happens to one of our season members in this forum please post, so that I know to check my P.O. Box this month.

Re: Bank of America charging some people an annual fee?

smc733 — Mon, 14 Feb 2011 22:31:27 GMT

Hopefully I'll have some info within the next hour, honestly, are any of their cards really worth an AF?

Amazon Visa (I'll convert to a Chase Freedom month 13 if I have to close this)

Citi Dividend Plat Select

and

Discover More

All offer much better rewards. What is BofA hoping to accomplish. Only some of the high-end FIA cards are really winners.

Re: Bank of America charging some people an annual fee?

DI — Mon, 14 Feb 2011 22:35:17 GMT

I just sent BOA an email about this. I hope it isn't true. I hate to close my freshly minted $7000 card over a $59 AF. But I most certainly would do it without hesitation.

Re: Bank of America charging some people an annual fee?

Smerri1029 — Mon, 14 Feb 2011 23:00:19 GMT

Just throwing this out there.

I have a Bank of Americard Power Rewards Visa Signature. I applied for this back in October and when I did I didn't see anywhere to apply for a Platinum Plus. Could it be they are trying to get people over to the Bank Americard to pawn off customer service on Visa Signature (not sure how Visa Signature customer service works [whether its part of BoA or Visa]) since I haven't heard anything on an annual fee for my card.

Probably looking WAYYYYY to deep into it, but just a thought.

Re: Bank of America charging some people an annual fee?

smc733 — Mon, 14 Feb 2011 23:20:14 GMT

It's actually confusing.

Power Rewards only comes in Visa Signature, unless you convert to it. That's BankAmericard Power Rewards. BankAmericard Cash Rewards comes in Signature for CLs higher than 5k, and Plat Plus for lower. There's a separate "Platinum Plus Visa" that BofA also has (non BankAmericard).

Anywho, I called, as I have the BankAmericard Cash Rewards Platinum Plus Visa, and they said my account wasn't marked to be getting a letter, therefore I won't get an AF, they were NOT specific. I don't get it...

Re: Bank of America charging some people an annual fee?

Scuba — Mon, 14 Feb 2011 23:30:20 GMT

What is the difference between a BOA card and and FIA card? I thought they were one and the same

Re: Bank of America charging some people an annual fee?

laz98 — Mon, 14 Feb 2011 23:35:29 GMT

we have a platinum plus card, but have not received such a letter yet. if we do, we'll just close it. the card isn't worth paying for.

Re: Bank of America charging some people an annual fee?

veracious — Mon, 14 Feb 2011 23:39:02 GMT

@smc733 wrote:
Hopefully I'll have some info within the next hour, honestly, are any of their cards really worth an AF?

Amazon Visa (I'll convert to a Chase Freedom month 13 if I have to close this)
Citi Dividend Plat Select
and
Discover More

All offer much better rewards. What is BofA hoping to accomplish. Only some of the high-end FIA cards are really winners.

Not sure if I have the time frame right but I think during the 1990's most credit cards had an annual fee.

Maybe BOA is trying to expand revenue by doing this.

Re: Bank of America charging some people an annual fee?

Anonymous — Mon, 14 Feb 2011 23:42:26 GMT

@Scuba wrote:
Hi

What is the difference between a BOA card and and FIA card? I thought they were one and the same

BofA bought MBNA and changed the name to FIA. They do Affinitiy and Cobranded cards, (exclusiviely I think).

Re: Bank of America charging some people an annual fee?

smc733 — Mon, 14 Feb 2011 23:42:27 GMT

@veracious wrote:

@smc733 wrote:
Hopefully I'll have some info within the next hour, honestly, are any of their cards really worth an AF?

Amazon Visa (I'll convert to a Chase Freedom month 13 if I have to close this)
Citi Dividend Plat Select
and
Discover More

All offer much better rewards. What is BofA hoping to accomplish. Only some of the high-end FIA cards are really winners.

Not sure if I have the time frame right but I think during the 1990's most credit cards had an annual fee.

Maybe BOA is trying to expand revenue by doing this.

Things have changed though, drastically. There's really no reason to have one now.

Re: Bank of America charging some people an annual fee?

Anonymous — Tue, 15 Feb 2011 00:00:48 GMT

Just received my letter in the mail. I'm really disappointed in BOFA this is my largest CL 5k an now I have to pay a AF. Really thinking about closing the account now.

Re: Bank of America charging some people an annual fee?

veracious — Tue, 15 Feb 2011 00:16:57 GMT

Bank of America (BAC) – BAC is the largest bank holding company in the United States, by assets, with $2.25 trillion. The company serves clients all over the world and has a relationship with 99% of the U.S. Fortune 500 companies. In 2008, BAC acquired Merrill Lynch making it the world’s largest wealth manager. It is listed on the New York Stock Exchange (NYSE) and is part of the S&P 500 Index and the Dow Jones Industrial Average.

As BOA goes, so shall the rest of the American banks IMHO.

Re: Bank of America charging some people an annual fee?

smc733 — Tue, 15 Feb 2011 00:38:20 GMT

@Anonymous wrote:
Just received my letter in the mail. I'm really disappointed in BOFA this is my largest CL 5k an now I have to pay a AF. Really thinking about closing the account now.

Could you give us a little more information?

How long have you had it? Deposits with BofA? Which card product? Any delinquincies? Have you been using it?

No one can seem to understand what's triggering certain accounts and not others.

Re: Bank of America charging some people an annual fee?

Anonymous — Tue, 15 Feb 2011 00:41:51 GMT

I have a BankAmericard. One of the better ones, actually. It gives 2% cashback on everything. If they assessed an annual fee, I'd still probably close it.

I've had the card for five months, so I don't expect a letter to arrive before the one-year mark. Hopefully, there won't be any.

A few weeks ago, I heard a feature on NPR where a BoA representative promulgated that their new strategy would be to create "incentives" for customers rather than punishing them with fees. If that is their way of actualizing that statement, then I won't need their services.

We'll see. I am still hopeful for my type of card. Just waiting until they either downgrade my cashback or assess the AF. Then I'll say goodbye to them. They haven't earned one single penny in interest from me!

Re: Bank of America charging some people an annual fee?

Anonymous — Tue, 15 Feb 2011 00:57:01 GMT

@smc733 wrote:

Could you give us a little more information?

How long have you had it? Deposits with BofA? Which card product? Any delinquincies? Have you been using it?

No one can seem to understand what's triggering certain accounts and not others.

My account was opened in 2008 secured was unsecured 9 months later never carried a large balance more then 6 months never been late or over my limit my letter states why they are charging me a AF.

Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

Too many credit inquiries

A review of your banking relationship with us

At this point BOFA can kiss my a$$ an i will never look at one of there cards again account will be closed. I'm so sick of these banks

Re: Bank of America charging some people an annual fee?

DI — Tue, 15 Feb 2011 01:04:06 GMT

I don't think I'll be receiving a letter from them if that's the reason they're charging some people AF.