Can card issuer add annual fee to existing account?

[AnimatorProcrastinator]

Basically, I'm interested in the Alliant Signature 2.5% cashback card now that it has no annual fee. My question is: if I get the card and Alliant decides to add the annual fee back, will it apply to my account even though it wasn't in the agreement when I applied?

[OmarGB9]

No.

[wasCB14]

Is there actually a law against adding an annual fee to a no-annual-fee card? It would be unpopular, but cards that have annual fees often get AF hikes. Chase once auto-PCed a relative's old no-AF Travel Plus to yes-AF CSP (with the AF waived for 12 months, though the card was then PCed to Freedom upon request).

And even if the AF doesn't come back, there's no guarantee that the rewards program won't suffer.

[OmarGB9]

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@wasCB14 wrote:

Is there actually a law against adding an annual fee to a no-annual-fee card? It would be unpopular, but cards that have annual fees often get AF hikes. Chase once auto-PCed a relative's old no-AF Travel Plus to yes-AF CSP (with the AF waived for 12 months, though the card was then PCed to Freedom upon request).

And even if the AF doesn't come back, there's no guarantee that the rewards program won't suffer.

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I should clarify. There is a law saying card issuers must give at least 45 days notice prior to implementing any major changes, including annual fee changes.

[Anonymous]

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@OmarGB9 wrote:

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@wasCB14 wrote:

Is there actually a law against adding an annual fee to a no-annual-fee card? It would be unpopular, but cards that have annual fees often get AF hikes. Chase once auto-PCed a relative's old no-AF Travel Plus to yes-AF CSP (with the AF waived for 12 months, though the card was then PCed to Freedom upon request).

And even if the AF doesn't come back, there's no guarantee that the rewards program won't suffer.

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I should clarify. There is a law saying card issuers must give at least 45 days notice prior to implementing any major changes, including annual fee changes.

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Yes, I was very surprised by your original, firm, answer!     I guess you were thinking of some stealth addition, now you owe an annual fee type thing, and yes, that's needs notice.

I would think that once you get notice, if you don't want the AF, you could close the card and continue paying off any existing balances at the usual APR (assuming this is like a hike on a fixed rate card)

[coldfusion]

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@Anonymous wrote:

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I would think that once you get notice, if you don't want the AF, you could close the card and continue paying off any existing balances at the usual APR (assuming this is like a hike on a fixed rate card)

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That is correct.

Since the OP is specifically interested in the Alliant card I'll mention that in the past when the card had an AF they offered no grace period like that with Chase or AMEX.  Once an AF was billed they would not waive it, even if you closed the card within 30 days.

[StephenH]

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@OmarGB9 wrote:

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@wasCB14 wrote:

Is there actually a law against adding an annual fee to a no-annual-fee card? It would be unpopular, but cards that have annual fees often get AF hikes. Chase once auto-PCed a relative's old no-AF Travel Plus to yes-AF CSP (with the AF waived for 12 months, though the card was then PCed to Freedom upon request).

And even if the AF doesn't come back, there's no guarantee that the rewards program won't suffer.

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I should clarify. There is a law saying card issuers must give at least 45 days notice prior to implementing any major changes, including annual fee changes.

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+1

Usually is the case with product upgrades from no AF to AF CCs and you have the option to call in and reject the change, at which point the they will change the card to a no AF version.

[SouthJamaica]

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@AnimatorProcrastinator wrote:

Basically, I'm interested in the Alliant Signature 2.5% cashback card now that it has no annual fee. My question is: if I get the card and Alliant decides to add the annual fee back, will it apply to my account even though it wasn't in the agreement when I applied?

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Undoubtedly they can change the terms at any time, at which time you would be afforded the option to either accept the new terms, or close the account.  They could not change the terms without affording you that opportunity.

[BronzeTrader]

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@OmarGB9 wrote:

No.

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There is no law that prohibiting card issuing banks from changing the card T&C and add annual fees.

But CC banks are required to give cardholders advanced notice and ample time to decide to keep the card, cancel the card, or product change is there is path to that.

[OmarGB9]

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@BronzeTrader wrote:

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@OmarGB9 wrote:

No.

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There is no law that prohibiting card issuing banks from changing the card T&C and add annual fees.

But CC banks are required to give cardholders advanced notice and ample time to decide to keep the card, cancel the card, or product change is there is path to that.

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Yes, if you read a couple of replies below that, I expanded on my answer.