Unpleasant Surprise for Some Bank of America Credit... - Other News

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Credit Card Applications » News » Other » Unpleasant Surprise for Some Bank of America Credit Card Holders

Unpleasant Surprise for Some Bank of America Credit Card Holders

Unpleasant Surprise for Some Bank of America Credit Card Holders
The content is accurate at the time of publication and is subject to change.

Raise your hand if you want to pay an unexpected annual fee? I am not raising my hand either. Select Bank of America cardholders will not have a choice, unless they want to pay off their total balance.

For those Bank of America credit card holders, an annual fee of $59 will be making itself known in May of this year. If you are a Bank of America card holder, after assessing risk associated with your credit history, this could mean you. It is possible that even if you have a balance that is close to you credit limit, you may be in the group receiving a notice about the annual fee. Although Bank of America is not saying exactly who will be included in this group, risk is the key factor for having to pay the fee.

It is clear that there is no link to a particular type of credit card, just how the card has been used. However, if you are being made to pay a 14 percent interest rate, then you are very likely going to have to pay the $59.

New laws and regulations have caused the group that has been deemed risky to be less moneymaking than the ones deemed responsible with their credit cards. Card issuers are losing money on the risky group and now they are making them pay a price for it.

Most people who have large amounts of debt are trying to pay it off as quickly as possible. The big problem of paying the complete balance off so that the fee will not be incurred is that most of us are not able to pay the entire balance at once. Because of this, the fee will have to be endured, causing even more debt owed. Debt consolidation could be a viable option, if this annual fee applies to you and you have multiple debts.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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