Bank of America charging some people an annual fee?

[laz98]

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.

[veracious]

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@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.

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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.

[Wolf3]

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@Scuba wrote:

Hi

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

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

[smc733]

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@veracious wrote:

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@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.

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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.

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

[Anonymous]

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.

[veracious]

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.

[smc733]

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@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.

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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.

[wollepopolle]

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!

[Anonymous]

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@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.

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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

[DI]

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