topic Re: BofA secured credit card Annual Fee in Credit Cards

BofA secured credit card Annual Fee

Anonymous — Fri, 25 Mar 2011 06:49:12 GMT

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?

Re: BofA secured credit card Annual Fee

Gabo — Fri, 25 Mar 2011 10:48:19 GMT

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

Re: BofA secured credit card Annual Fee

JayRizzo — Fri, 25 Mar 2011 12:05:31 GMT

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.

Re: BofA secured credit card Annual Fee

vish1 — Fri, 25 Mar 2011 12:37:40 GMT

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.

Re: BofA secured credit card Annual Fee

Cranston — Fri, 25 Mar 2011 13:25:03 GMT

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.

Re: BofA secured credit card Annual Fee

Anonymous — Sat, 26 Mar 2011 03:15:41 GMT

@Gabo wrote:
yes info is 100% correct, citi or capital or credit union

That hasn't been my experience.

Re: BofA secured credit card Annual Fee

vish1 — Sat, 26 Mar 2011 13:17:34 GMT

@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.

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.

Re: BofA secured credit card Annual Fee

Anonymous — Sat, 26 Mar 2011 13:34:08 GMT

@vish1 wrote:

@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.

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.

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.

Re: BofA secured credit card Annual Fee

Cranston — Sat, 26 Mar 2011 20:09:24 GMT

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.

Re: BofA secured credit card Annual Fee

Anonymous — Mon, 28 Mar 2011 07:44:39 GMT

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

Re: BofA secured credit card Annual Fee

vish1 — Mon, 28 Mar 2011 12:03:47 GMT

@Anonymous wrote:

@vish1 wrote:

@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.

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.

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.

I am kind of totally lost on this. My card unsecured on 2/25 this year (3-4 days before 1st anniversary) and my CL went from 500 secured to 7500 unsecured and the card is pc to cashrewards visa signature. The CSR said that I will have a AF of 39 coz my secured card had this AF and that they can not remove it. They said they can happily waive it off for this year though. I am assuming that they think good of my credit else they won't CLI me from 500 secured to 7500 unsecured.

This said, my AF posted on 3/26 last year and was supposed to post on the same date and I was to call them to get it off once it posts but today is 3/28 and it has not posted yet. I have no clue if the CSRs (i have talked to many) were right that I will have an AF or they were just talking BS. I will keep you guys posted.

I don't trust BoA CSRs as they have proved themselves wrong many times. When I requested to unsecure I was told specifically that this will be a HP but it was not.

Re: BofA secured credit card Annual Fee

Anonymous — Mon, 28 Mar 2011 12:11:55 GMT

@vish1 wrote:

@Anonymous wrote:

@vish1 wrote:

@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.

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.

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.

I am kind of totally lost on this. My card unsecured on 2/25 this year (3-4 days before 1st anniversary) and my CL went from 500 secured to 7500 unsecured and the card is pc to cashrewards visa signature. The CSR said that I will have a AF of 39 coz my secured card had this AF and that they can not remove it. They said they can happily waive it off for this year though. I am assuming that they think good of my credit else they won't CLI me from 500 secured to 7500 unsecured.

This said, my AF posted on 3/26 last year and was supposed to post on the same date and I was to call them to get it off once it posts but today is 3/28 and it has not posted yet. I have no clue if the CSRs (i have talked to many) were right that I will have an AF or they were just talking BS. I will keep you guys posted.

I don't trust BoA CSRs as they have proved themselves wrong many times. When I requested to unsecure I was told specifically that this will be a HP but it was not.

Actually, my friend, you've hit upon an increasingly common and very frustrating problem: CSRs that don't know WTH they are talking about.

It can be bad enough that the actual bank changes policies on an almost daily basis, but to add CSRs that offer their uninformed opinions as solid fact to the mix is enough to drive any of us insane.

Re: BofA secured credit card Annual Fee

vish1 — Mon, 28 Mar 2011 16:18:08 GMT

@Anonymous wrote:
@vish1 wrote:

@Anonymous wrote:

@vish1 wrote:

@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.

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.

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.

I am kind of totally lost on this. My card unsecured on 2/25 this year (3-4 days before 1st anniversary) and my CL went from 500 secured to 7500 unsecured and the card is pc to cashrewards visa signature. The CSR said that I will have a AF of 39 coz my secured card had this AF and that they can not remove it. They said they can happily waive it off for this year though. I am assuming that they think good of my credit else they won't CLI me from 500 secured to 7500 unsecured.

This said, my AF posted on 3/26 last year and was supposed to post on the same date and I was to call them to get it off once it posts but today is 3/28 and it has not posted yet. I have no clue if the CSRs (i have talked to many) were right that I will have an AF or they were just talking BS. I will keep you guys posted.

I don't trust BoA CSRs as they have proved themselves wrong many times. When I requested to unsecure I was told specifically that this will be a HP but it was not.
Actually, my friend, you've hit upon an increasingly common and very frustrating problem: CSRs that don't know WTH they are talking about.

It can be bad enough that the actual bank changes policies on an almost daily basis, but to add CSRs that offer their uninformed opinions as solid fact to the mix is enough to drive any of us insane.

Update: I just got a call from BofA. We have been going back and forth over this AF thing for sometime (few days) and I had told them that if I have to pay an AF I will have to close the card. I was not trying to create pressure or anything, I meant it.

Today, she told me that they have reviewed my account and have removed the AF from my account for good. I reconfirmed if this was only for this year and was told that my account will not have any AF going forward. Woohoo

Long story cut short (also a message to OP): If you manage your account well, you can make BofA remove AF on their secured card after being pc to any other card. You will need a lot of patience though and will need to request to talk to a supervisor at times. The CSRs probably don't have enough powers to do anything like remove AF forever.

Re: BofA secured credit card Annual Fee

Anonymous — Tue, 29 Mar 2011 05:39:13 GMT

vish1, wow that is so awesome! Congratulations! You definitely managed your account well, and it sure thing did pay off! Thanks for the encouragement. I will wait patiently for a year.

Re: BofA secured credit card Annual Fee

vish1 — Tue, 29 Mar 2011 14:31:59 GMT

Thanks and good luck to you.

With BofA, you may get to hear 20 times that the fee cannot be removed, insist to talk to the supervisor and if nothing works, call again later. I was told about 5 times by their CSRs that there was no way they can remove AF forever, they said they could waive for a year but its impossible to drop it on the floor, but finally their supervisor did it.

Just ensure that you have atleast 1-2 other cards to fall back to by then. They will know from your CR if you can really afford to lose their card or not