Wednesday, October 21, 2009

Punishment for those who pay on time

Bank of America has announced that it will begin charging fees to certain customers who carry their cards. I'm sure you are wondering who the lucky winners of the fees are???? Yes, that's right the ones who never carried a balance and/or always paid on time. So, why are they the ones that get slapped with a $29-$99 fee?? Well, they have to get money from somewhere.
With all of the new cc regulations going into effect VERY SOON, banks are scrambling to find ways to pull in some extra dough. The thought process must be...go after the ones who pay since they must have the money.
I am not sure how they determine where in the $29-99 range you fall in the fee to be charged. If you decline the fee, they will simply close your account. Maybe not such a bad thing, but affects your credit score.
I'm curious since we have 2 BOA cards if we will get hit with a fee on either one?? It's a possibility since we don't even use them. They didn't start out as BOA cards, they were originally MBNA who was bought out a few years ago by BOA. I have heard less than stellar reports about BOA which is probably why we have not chosen to use them.
Our card of choice these days---Discover. From personal experience and even what I have heard, it is one of the best.
If we get the fee notice in the mail soon, we may choose to simply close the accounts.

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