topic Re: #$%&*^ !!!! Bank Of America Annual Fee in Credit Cards

#$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:17:07 GMT

I've had my BOA card for 6 yrs w/$6000 CL with 0 balance and all of the sudden they hit me with $59 annual fee (no annual fee since). I rarely use this card and only kept it since it has a long history. I have 4 other cards with twice the CL and same amount of history or longer. I'm thinking about closing this account and wonder how it would affect my score (last I checked @745). I'm so pissed right now that I have to pay the fee and close the account

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:20:06 GMT

#1: I had the same thing happen. I tried to dispute the fee, no dice. They said it was a result of my credit score, amount of time with the card, and other crap. Even though I had the card for 9 years, perfect payment history, 700+.

#2: Don't close it right AFTER you pay the fee. Just do what I'm doing, SD for the next 10-11 months and then close it before the next annual fee. You paid for it, might as well keep it an extra year.

#3: Closing it within the next few months won't hurt you unless you were using that line for overall utilization and you were carrying a balance. Otherwise, it wouldn't come off your CR until 10 years from close date.

#4: The fee blows. I would have closed it sooner if it weren't for the fact it's my largest CL by far.

Re: #$%&*^ !!!! Bank Of America Annual Fee

adavis425 — Thu, 03 May 2012 15:27:16 GMT

@Anonymous wrote:
I've had my BOA card for 6 yrs w/$6000 CL with 0 balance and all of the sudden they hit me with $59 annual fee@ (no annual fee since). I rarely use this card and only kept it since it has a long history. I have 4 other cards with twice the CL and same amount of history or longer. I'm thinking about closing this account and wonder how it would affect my score (last I checked @745). I'm so pissed right now that I have to pay the fee and close the account

You know, I simply don't understand how BoA stays in business. I have NEVER heard a single redeeming thing about them. Never! I was a customer some years back and even then the service was severely lacking. I left and never looked back.

Were you notified in writing of the account change? Additionally, were you to call about this foolishness, you would likely encounter a rude, indifferent CSR. You have every reason to be po'd. It's not even the money, simply the fact that they conduct business in such a manner. I say move on. Look for a CU. They usually rock. My $.02 anyway. Good luck.

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:31:07 GMT

They hit you with a fee with a 745 credit score! I would be pi$$ed as well. I'm blown away by how the boa constrictor has been around this long seeing how they treat great customers. Unbelievable.

TBC

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:34:28 GMT

Yep. They hit you with a fee regardless.

I paid mine because they gave me no choice and I didn't want to lose the 16K.

Screw them by February 2013. They can take my $59 now, but I'll be taking my business elsewhere.

That's why I hate BoA by FAR, and their phone CS is the worst.

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:34:36 GMT

@ Rican, good idea on paying the fee and close the account before the next annual fee but need to remind myself to close by then. I still feel like calling them and vent out my frustration just to feel better

@adavis, yes I received a letter last week but didnt know it goes into effect immediately

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:43:53 GMT

If it was $9.99 annual fee, I wouldnt feel too bad BUT $59 is a ROBBERY>>>>

Re: #$%&*^ !!!! Bank Of America Annual Fee

adavis425 — Thu, 03 May 2012 15:42:56 GMT

@Anonymous wrote:
@ Rican, good idea on paying the fee and close the account before the next annual fee but need to remind myself to close by then. I still feel like calling them and vent out my frustration just to feel better

@Anonymous, yes I received a letter last week but didnt know it goes into effect immediately

I definitely would!

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:46:08 GMT

@Anonymous wrote:
If it was $9.99 annual fee, I wouldnt feel too bad BUT $59 is a ROBBERY>>>>

Are you sure your card does not say ORCHARD BANK on the front! 59.00

TBC

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 15:53:43 GMT

Well if you rarely use the card and have no balance BOFA is not making money off you I bet

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 19:08:12 GMT

What card is this for? If it is for their 1-2-3 card well I guess there goes any thoughts I had about apping for it. lol

Re: #$%&*^ !!!! Bank Of America Annual Fee

lithium78 — Thu, 03 May 2012 20:00:23 GMT

Jeez, I hope they don't do that to my BoA 123 Cash Rewards card. I really depend on that card a lot.

Re: #$%&*^ !!!! Bank Of America Annual Fee

injustifiiable — Thu, 03 May 2012 20:06:00 GMT

They're probably on a vendetta against cardholders with $0 balances...hahah.

Mod Cut. Please keep your comments g-rated - MarineVietVet, myFICO moderator

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 20:18:21 GMT

If you haven't called, I'd call and get them to waive the fee - especially if you never had a fee before and did not get proper notice of the change.

I've had my card for 4 years and it hasn't grown since it's one year anniversary - granted I do have baddies and it did start out as a secured card. Still I've had perfect payment history across the board for 4+ years (including with them) and low utilization. I used to carry a balance with them, however since they won't grow with me and won't permanently get rid of the AF (even with a PC) I'm only using them every couple months for a pack of gum.

The last time my fee hit (and I was rejected for a CLI) I called in to recon and was successful in getting the AF refunded, but no luck on PCing and leaving the AF behind or getting a CLI. If I got them to refund it, I'd imagine that you'd be able to as well.

Re: #$%&*^ !!!! Bank Of America Annual Fee

kjm79 — Thu, 03 May 2012 21:22:26 GMT

I think they have to give notice prior to changing the terms of agreement. The consumer then either chooses to accept the change in terms and keep the account or reject the terms and close the account.

I'd call and see about waiving it if they didn't provide notice. Are there any rewards associated with your card? If the fee doesn't out weight the rewards benefit maybe it's time to close it.

It will only affect your score in terms of util. If you are carrying balances on other cards your overall credit limit will be reduced by $6,000. Even closed it'll still report positively though.

Re: #$%&*^ !!!! Bank Of America Annual Fee

Gray — Thu, 03 May 2012 21:36:23 GMT

I run regular bills through my BOA MasterCard to maintain utilization. I have BOA debit my checking account when the monthly statement is generated for the statement balance. No annual fees.

This was a Citibank card since 1992 that was brought over in 2010 when uPromise shifted over to BOA. Still has 6.24 APR and 33K limit.

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Thu, 03 May 2012 21:54:04 GMT

This doesn't just happen to people with 0 balance.

I had a 4.7K balance on it when I started getting hit with a fee as well.

Re: #$%&*^ !!!! Bank Of America Annual Fee

Anonymous — Sun, 06 May 2012 00:32:20 GMT

They did the exact same thing for me, Had a Bank of America Financial Rewards card that I opened in 2007, started with a credit line of 2,500. Eventually that grew through auto CLIs to the present 4,100. Had some usage on it, then finally sockdrawered it. Sometime in 2010 it converted to the BankAmericard Cash Rewards. I inquired whether its the current 3-2-1 card that they offer, but they claim no, it's only a 1% cash back card despite it having the same look and same name as their 3-2-1. They claim that I can't get the 3-2-1 without applying for a new one. So it remained sockdrawered for a year or so before I got a nice 0% promo for 13 months. Took advantage of it, transferred 3,500 balance on it and set it up for auto payments of $500. Fast forward to this month when my balance was set to be paid off with my May payment. Check the statement and see that the balance due is $59 higher. Find out that they hit me with a $59 annual fee. A call into their customer service and they tell me they view me as a high risk customer for having a balance on the card. Never mind the fact that I have no late payments and a 760 Fico. They offer a balance transfer, coincidentally or not wait until the month that it's due to be paid off, see that I won't have any further use for this card, and seemingly give me a nice kick in the rear as a parting gift. After this I'll never do business with BoA ever again.

Re: #$%&*^ !!!! Bank Of America Annual Fee

RyVision — Sun, 06 May 2012 01:27:55 GMT

I've had that 59$ AF with the BoA on a gold with a 500CL since 08. They did a HP once I think when I asked for a CLI years back (it was a no). I recently was thinking of closing it at the same time I closed CreditOne (I posted a thread about it a couple weeks ago or so).

I decided instead of just closing the BoA, that I'd call and ask about a PC, they said I was eligible to PC it to the 1-2-3 cash rewards or the points version or the BoA AMEX point rewards (charcoal color, I think accelerated rewards).

I picked 1-2-3 cash rewards. And asked for a CLI on the same day. Still stuck with the AF and when I call in, they call it a Platinum Plus, when I log into the site, I still see the gold, but there is at least mention of rewards, just not able to access any info about them yet (this PC was done when I posted that other thread).

They said it'd take a couple or so weeks to get the new card (I got a replacement Gold because of that security breach issue already, that's the number that still shows). I also got the denial letter about the CLI request. Yes, there was a HP for that (and or the PC) in april.

So looks like this is my last year with that card unless they surprise me fairliy soon with something in return for fee's I've paid them over the years, the usage and often carrying a balance for a while (fairly low interest so thought that might help, nope). It is now my lowest limit other than Kohls, which I might call and ask about increasing (though it's not important really, I don't buy that much at Kohls).

I really wonder how many people see those TV ads about the 1-2-3 Cash Back card and don't mind if they get stuck with an AF of $59... I don't recall seeing or hearing anything about an AF in those ads. On the phone of course, they explain the AF is to keep the low interest and rewards in place.......... lol ok suuuuure.

Re: #$%&*^ !!!! Bank Of America Annual Fee

CreditChampion — Sun, 06 May 2012 06:04:30 GMT

@RyVision the card does not have a af. The reason you have an af is because when you pc the terms and conditions of your previous card stay the same.