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Old 10-30-2009, 08:32 AM   #21
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Put me in the group that would cancel my credit card if they start charging fees.
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Old 10-30-2009, 08:39 AM   #22
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I think these fees are just test marketing to see what people are willing to pay. For the great majority of people who just don't pay attention to things like paying "only" $29-99 a year, this will be a money maker for BAC and others. But I would guess that there will ALWAYS be a better card available from a competitor at another card issuer or internally at the same bank that added the fee.
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Old 10-30-2009, 09:47 AM   #23
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Originally Posted by Urchina View Post
DH just reminded me that credit card companies charge vendors a fee to process the cards, so they're getting paid every time I use it.

My sympathy for them is, again, at an all-time low.

Ditto on the PenFed, my local credit union, AAA, our professional associations....
While this is true, keep in mind it is the CC companies that get the transaction fees. The bank fees are a completely different animal which goes to a different company.
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Old 10-30-2009, 11:01 AM   #24
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All the open cards I don't regularly use, I'll just cancel if they start to charge a fee. The one that I use regularly is at the same bank where I have lots of other business, so I'll push back and let the other divisions know I will walk unless I get back on the no-fee list. If that fails I'll look for other no-fee card options. Even if this trend become very popular (among banks) it's unlikely to be standard practice for all banks for a long time, if ever.
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Old 10-30-2009, 11:06 AM   #25
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While this is true, keep in mind it is the CC companies that get the transaction fees. The bank fees are a completely different animal which goes to a different company.
Yeah, but Bank of America owns MBNA (now FIA Card Services) which does a lot of the CC processing.

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Old 10-30-2009, 03:36 PM   #26
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Strangely, I have the same card and did not get a notice that they were going to charge a fee. .
You should call them ASAP and notify them of the obvious error. Your honesty will probably be rewarded with a re-activation of DW's card and a nice bonus... : rofl:
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Old 10-30-2009, 04:15 PM   #27
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I would just cancel them pronto if they charge a fee and get another one without or do cash. They threatened this before and people just went to other cards with no fees so they backed off and made the "platinum" cards with fees that supposedly gave you more cache or something. Crocodile tears from greedy mega banks again. 3% per transaction seems like plenty for them to keep it going. CC's are strictly a convenience for me. The cashback makes me use them instead of cash tho.
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Old 10-30-2009, 05:28 PM   #28
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Its just business. No sense cutting off that nose to spite that pretty face
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Old 10-31-2009, 10:18 AM   #29
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Merchants pay a transaction charge every time you use your credit card. Banks make a lot of $ on those fees. I suspect I'm a pretty profitable credit card user for the bank even though I never pay a penny in interest and get several hundred dollars per year "cash back". That's probably why none of the terms on any of my cards have been changed.

If they do change for the worse, I'm with the rest of you in either switching cards or going to cash. I won't use a debit card though. When my CC number gets stolen and a fraudulent transaction gets through, it's the card company who's mostly on the hook. If someone gets access to my debt card information, not only am I on my own, my entire bank account is at risk. Not sure why I'd want to wear that risk if I don't have to.
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