Credit Card Fees: Bank Of America, Citigroup Testing New Charge For Customers With Perfect Credit

wcbstv.com:

NEW YORK (CBS) ― Loraine Mullen-Kress carries a Bank of America credit card and religiously pays off her balance.

"Flawless credit," she boasted.

Yet now, her good credit habits could cost her. Earlier this month Bank of America started notifying customers like Mullen-Kress that they will be charged a new annual fee of $29 to $99.

Read the whole story: wcbstv.com

Comments

[xilduq]

"There is a big segment of their population that they will have never made money on, which is people who pay their bills on time every month,"

BS!!!! ALL credit issuers make at least 2%-5% off the top on EVERY transaction!!

On second thought, maybe that IS nothing to a blood-sucking bankster.

[GroundhogBoy]

I don't know why people are shocked. This was completely predicted when the credit card legislation was proposed. Between adding charges to those with good credit and cutting Rewards programs, everyone with good credit knew they were going to get screwed. There were tons of stories everywhere about it. Did all of you just ignore them and think "it won't happen to me?"

Thank all of your friends who default, because the banks have got to make money somewhere to cover the credit card defaults and loan losses. Or do you really expect BoA and Citi to continue losing money every quarter?

I know everyone would be elated if all the banks went under because there's such disdain for their stupidity over the past decade, but what I don't get is how everyone forgets how much easier our lives have become because of the convenience that they do provide. How many of you actually remember what life before ATMs and online banking was like?

[Mike Keough]

Want more proof that anti trust laws, which have been scuttled by our congress, are important? For Christ sake's, do you think they came up with this independently? Or do you think there might be just a touch of collusion? Where are our representatives? This is simply insane and Congress is allowing it? Vote Independent. The Demo's have been bought along with the ReThugs. They are useless and need to be replaced NOW!!!!!

[getsit]

When you use your card the businesses are charged a percentage of the purchase. The banks are still making money, even if you pay you card off every month.

It's called greed. The banks want to hit both sides of the transaction with fees.

[nextuser]

same old same old. stock market surging. more job loss. no heath care reform. no extension of unemployment benefits. more same cr4p.

good articles; http://financeopinionss.blogspot.com

no point in voting

[Mike Keough]

Brother, you have to vote. But vote Independent!

[totaldisbelief]

I will NEVER set foot in a Bank of America office again.

[pk4obama]

I have already boycotted Bank of Amerca.....

[Gidi Argov]

Surely, if you’re paying all your bills on time, what do you expect…

I liked the announcement though - “Earlier this month Bank of America started notifying customers like Mullen-Kress that they will be charged a new annual fee of $29 to $99”. It sounds so ‘personal’… It somewhat reminded me of Catch-22 letters sent to family members of soldiers: “Words can not express the deep personal grief I experienced when your husband, son, father or brother was killed, wounded or reported missing in action”…

Gidi Argov, Founder and CEO
www.CreditCardProcessing-r-us.com

[dbawden]

If it comes to this, couldn't we just cancel our credit cards and use our debit cards instead and avoid the fees?

[John51]

Most Debit have even larger fees, usually $10.00 per month; for the most part they are waived if one conducts specific business as outlined in ones Debit Card agreement. I also believe Debit Cards are less secure and have a greater impact to the customer when there is fraud.

[Dennim]

I know having a credit card is convenient; especially for travel. If one can't get rid of the card try opening an account with a credit union. My experience is they appreciate the business and , in my case, have not pulled such outrageous stunts!

[Apov]

Problem is that B of A is in trouble.

You are going to pay AGAIN for their recovery.

Dump B of A.

[Heraklia]

Many of you are saying "Switch to a credit union," as if that is a permanent solution. Fine, but what happens when a critical mass of consumers, say 50%, have dropped their bank credit cards and switched to credit union cc's?

My guess is that the big banks would start lobbying Congress to prohibit credit unions from offering credit cards, and that they would try to enlist the big brand cc's, such as Mastercard and Visa, to join in their lobbying blitz. Banks are already furious that they are losing checking account and savings deposits to credit unions. They won't sit still for losing credit card business too.

[totaldisbelief]

?and that "maybe" is a reason to not fight against the creeps? you can go lay down on the tracks but I won't.

[CarmanK]

The latest Bank of America ads on tv make me sick!!! This too big to fail "predatory business" sucked up taxpayer dollars to rake in more profits by obtaining cheap government loans and then stalled making loans to small business and Main Street. The lead banksters are covering up their greed with fancy meningless words for any community where their brances are located. The Bansters will continue the heists of american consumers as long as congress and the president dither with new regulations.

[unamused]

We had 2 cards with BoA, one for over 10 years. We paid both off in full every month. Got a letter saying they were going to start charging $49/year for one card. So I phoned them up and canceled both, and told them why. The woman tried to change my mind with the second card - which had no annual fee threatened yet - but I told her I didn't trust them not to decide to charge a fee on that one as well. Good riddance.

[captnEarl]

I just hope that everyone is as ticked as I am. It's not like it's just the robber barrons who are after every penny we have it's our elected people who continually ignor this coruption and pass worthless hand slap laws that do little if anything to protect us from the scavangers. It's house cleaning time for both parties, they are for the most part in the pockets of those who screw us, banks, insurance co's,drug co's, military industrial co's etc,etc etc

[totaldisbelief]

I see that you're waking up sir.

[Tiger99]

Whats the matter with these guys don't they know who Ann Minch is? Heh Heh Heh ...