How many of you are keeping BOA Debit Card?

[Walt_K]

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@Anonymous wrote:

Supposedly, BofA is having second thoughts about the $5 fee.  Here is a link..

http://finance.yahoo.com/news/Bank-of-America-revamping-rb-1080345744.html?x=0

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Yep.  They reversed course.  http://www.bloomberg.com/news/2011-11-01/bank-of-america-drops-plan-for-5-debit-fee-as-competitors-scrap-charges.html

[Anonymous]

I understand it was a big deal having to pay a fee to use a debit card, when the banks were encouraging everybody to use debit cards. Also this fee showed the greed of banks to keep the profit high after the gov't slashed the fee they could charge to merchants for each debit transaction.

But for me, with or without the fee I plan to keep my BofA accounts (checking, savings and credit card), they have been a great bank to me, they were the first bank to offer me a credit card with more than 300 limit, no AF, low APR, every time I call them for something the person on the other side of the phone gives me an amazing service and solves my issue, they made me a loyal customer... and also, I hardly use my debit card I use the AMEX charge card, and it gives me points!!! and when a merchant doesn't take my AMEX, I use my BofA card

[Anonymous]

I have checking and credit card with bank of america. never use the debit card anyways. Havent ever used it actually. I definitely plan to stick with them... they give great service and great credit cards with great rewards.

[Anonymous]

One thing I am worried about with the new Durbin bill is what if the merchants decide they want to take a bite out of credit card interchange fees as well? Then we can kiss rewards goodbye and pay an annual fee for nothing.

I remember reading somewhere that 2/3rds of all plastic transactions are debit cards, and with all the banks backing off of the fees then most people should continue to use debit cards since the words credit card seems to scare a lot of people. If credit cards continue to be the less preferred method of pay, then that just means more generous rewards and sign up bonuses for us, and with less people using them then hopefully the merchants won't feel the need to go after credit cards.

On edit: forgot one last thing that will probably be more likely. It will cost more to use a credit card. I read that in the Durbin bill it is ok for merchants to give discounts to people who pay cash or use a debit card, which means it is possible that will easily wipe out any rewards earned.

I wonder how likely we are to see credit card "convienience" surcharges in the near future when purchasing things with a credit card.

[john398]

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@Anonymous wrote:

One thing I am worried about with the new Durbin bill is what if the merchants decide they want to take a bite out of credit card interchange fees as well? Then we can kiss rewards goodbye and pay an annual fee for nothing.

I remember reading somewhere that 2/3rds of all plastic transactions are debit cards, and with all the banks backing off of the fees then most people should continue to use debit cards since the words credit card seems to scare a lot of people. If credit cards continue to be the less preferred method of pay, then that just means more generous rewards and sign up bonuses for us, and with less people using them then hopefully the merchants won't feel the need to go after credit cards.

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I for one have switched from using my Disney Rewards Debit card exclusively to Chase Freedom, I am sure many have done the same but not every qualifies for  a rewards card

[Anonymous]

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@Anonymous wrote:

I wonder how likely we are to see credit card "convienience" surcharges in the near future when purchasing things with a credit card.

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It's already happening, I live in a rented apartment, as I don't plan for now to get a house, but the landlord, decided to start charging a "convinience" fee, that is 3% of the rent, if you pay with debit or credit card, and also I'm starting to see places that don't take reward cards or ask for a minimum purchase when using a credit card. This will change the credit business again, you will start seeing less small businesses taking credit cards and somehow in the near future will push for another change on how much they can charge to merchants for using credit cards now, so that loss banks will have to take will be new fees for us, like higher AF's, no rewards, etc. and people will start moving back to cash.

Not bad though, remember that cash is king

[Walt_K]

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@Anonymous wrote:

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@Anonymous wrote:

I wonder how likely we are to see credit card "convienience" surcharges in the near future when purchasing things with a credit card.

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It's already happening, I live in a rented apartment, as I don't plan for now to get a house, but the landlord, decided to start charging a "convinience" fee, that is 3% of the rent, if you pay with debit or credit card, and also I'm starting to see places that don't take reward cards or ask for a minimum purchase when using a credit card. This will change the credit business again, you will start seeing less small businesses taking credit cards and somehow in the near future will push for another change on how much they can charge to merchants for using credit cards now, so that loss banks will have to take will be new fees for us, like higher AF's, no rewards, etc. and people will start moving back to cash.

Not bad though, remember that cash is king

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Charging a convenience fee for using a credit card to pay rent is nothing new.  If you previously were able to pay your rent using a credit card without paying any fee, you were definitely in the minority.  I don't think this is any kind of bellwether signal of a change in credit card practices. 

I have never seen a business that exempts rewards cards over other credit cards.  That is interesting.  Where are you seeing that?

[john398]

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@Anonymous wrote:

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@Anonymous wrote:

I wonder how likely we are to see credit card "convienience" surcharges in the near future when purchasing things with a credit card.

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It's already happening, I live in a rented apartment, as I don't plan for now to get a house, but the landlord, decided to start charging a "convinience" fee, that is 3% of the rent, if you pay with debit or credit card, and also I'm starting to see places that don't take reward cards or ask for a minimum purchase when using a credit card. This will change the credit business again, you will start seeing less small businesses taking credit cards and somehow in the near future will push for another change on how much they can charge to merchants for using credit cards now, so that loss banks will have to take will be new fees for us, like higher AF's, no rewards, etc. and people will start moving back to cash.

Not bad though, remember that cash is king

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I did not think retailers have a right to ask for a minium purchase per there credit card agreement

[Ms-Kato]

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@john398 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I wonder how likely we are to see credit card "convienience" surcharges in the near future when purchasing things with a credit card.

---

It's already happening, I live in a rented apartment, as I don't plan for now to get a house, but the landlord, decided to start charging a "convinience" fee, that is 3% of the rent, if you pay with debit or credit card, and also I'm starting to see places that don't take reward cards or ask for a minimum purchase when using a credit card. This will change the credit business again, you will start seeing less small businesses taking credit cards and somehow in the near future will push for another change on how much they can charge to merchants for using credit cards now, so that loss banks will have to take will be new fees for us, like higher AF's, no rewards, etc. and people will start moving back to cash.

Not bad though, remember that cash is king

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I did not think retailers have a right to ask for a minium purchase per there credit card agreement

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They do it all the time and get away with it saying store policy.