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I have been a card holder since 1995. Always pay on time and typically always pay off at the end of the grace period and they charge me $59 fee due to the costs of maintaining my account. I read on the Internet and see this was announced in 2010 due to low profitability on clients who payoff their balances every month. I am being penalized for outstanding behavior. This is for Visa Platinum Plus and similar folk. $35000 credit line.
I canceled with them today.
I guess the percentage they chart the merchant for the transaction is not enough.
I have heard about this, but it hasn't effected us yet. I'm keeping an eye on them though. The first time we get charged that ridiculous service fee, we'll be canceling also.
i'm actually doing a credit card cleanup soon, and closing all the accounts i don't use really anymore. i have enough avail credit on the cards i use, so my utilization ratio won't matter. this is stupid that they are doing these things, but some people won't notice and they'll make some money. typical short term thinking of the big banks.
Good for you. I'm sure they really appreciated your business since 1995. It's just another Big Mega Bank rip off. Hopefully more consumers will see the light of day and cancel their CC. They don't need them anyway.
I have a Wells Fargo Financial Visa card in which I've carried zero balance on for the past three years. I've had the card for almost ten years. I get a letter each year stating a $49 annual fee will be charged to my account. Each time I call them up and tell them to cancel the card and they just waive the fee. Did BOA offer to waive it all?
Just be careful that closing Cards with high limits dont effect your score......like another person said you need that available high credit line to keep your debt to credit ratio low..as well your credit history....
Sure, closing a card will affect your FICO score, but having nothing to do with BOA is well worth it. Their motto should be "You are only a number to us." why they have any customers at all is a mystery to me. some people just don't mind being abused, I guess.
there are plenty of small independent banks out there which still treat a customer with care.
Just be careful that closing Cards with high limits dont effect your score......like another person said you need that available high credit line to keep your debt to credit ratio low..as well your credit history....
I have $35000credit line Visa with Chase. They do not charge an annual fee and I pay the balances within the grace period.
I admit I do not bank with BOA but my mortgage is with them and I have been making multiple additional payments on the principal to pay it off in a few years well ahead of the amortization schedule. All indicators are that I am a solid credit client.
Last edited by Felix C; 04-15-2011 at 07:02 PM..
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