In keeping with the new Durbin-inspired trend of candor and brevity, Bank of America CEO Brian Moynihan justified the new fee by saying, "we have the right to make a profit." Translation: I think they need the dough.
A lot of people are drawn into 0% Intro APR and Balance Transfer Rate discounts without thinking what happens after they cease. Banks know that people screw up and are always looking for new credit users to milk fees from.
Several years back, I ran a large team building event for a company on Wall Street. The men and women vibrated with intelligence and sparkled with charisma. But something about that day has recently come back to haunt me.