Bank of America to Charge Annual Fee on Credit Cards

A New Bank of America Policy is Set to Punish Even Those that Pay on Time

A Bank of America annual fee on credit cards is coming. This Bank of America credit card annual fee is going to be tried out in order to see how it goes. It's an unreal concept to Bank of America customers who have been using the bank for years, and it is definitely going to lead to many angry people who don't read the small print in their updated user agreements. The new annual fees that Bank of America will be placing on their credit cards won't apply to everyone (yet), and they are classifying this as "experimental", but it does seem like a way for the bank to get their foot in the door in order to fully integrate annual fees.

Right now nearly all Bank of America credit card users are free of having to pay annual fees in order to use their credit cards. It's a good practice, because most people don't want to have to pay a fee for the privilege of wracking up debt. The interest payments are hard enough on credit cards, and with all the changes that the credit card companies have been making recently to their policies and procedures, nobody is going to embrace having to pay another fee on top of everything else. This fee doesn't seem like its going to discriminate though, and could apply to frequent users of their cards, as well as people who have never even had a balance on an active card.

According to Sandra Block from USA Today, Bank of America is going to start charging the annual fees of a small number of customers during 2010. What they mean by "small number" hasn't been revealed yet, but it has to range from thousands to millions of their customers. These Bank of America customers are going to be charged an annual fee that ranges from $29 up to $99. This will solely be for the privilege of holding a Bank of America credit card, and will serve as a fee that is automatically charged to everyone that is placed within the test group.