Bank of America attempts to charge me annual fee for its credit card

United States
May 6, 2011 4:15am CST
That is really BS, excuse my "FRENCH" here. I have a bank of america credit card, and I guess that my credit score was dropped significantly for the past year. I guess that I am no longer a worthy customer to them or whatever reason. Now, They change the term of agreement once again. First, they told me that they would raise up the APR to 30% or something if I miss or late for a single payment, or they determine that my credit score is not worth as their customer standing. Now, they once again change the term, and charge me for annual fee of $59. Now, my option is I can continue the business with them and agree to pay this annual fee, or I can call their 24/7, 1 - 800 number to close that account. My account is definitely close it, due to this annual fee thing being the most obstacle to continue business with Bank of America. Oh well, I just keep on paying the balance after I close that account. What do think, do I make the right decision? P.S. it might affect my credit score a bit, since I don't have much available fund once again.
2 responses
@1corner (744)
• Canada
6 May 11
Better close it if you don't need it. It's a far better deal to apply for a line of credit or a personal loan with your bank to settle the matter of credit rating. They charge less interest, and only charge you for the amount you use.
@1corner (744)
• Canada
6 May 11
By the way, if you have a TV, and can get Clark Howard on it, watch his show. He's great at giving financial advice. We get him here on weekends on the HLN network. Here's his link: http://www.cnn.com/CNN/Programs/clark.howard/
@stephcjh (32327)
• United States
6 May 11
I think I would close the account too. My credit card never charged an annual fee until the last few years. The fee is not very much though so I continued to keep it until I can replace it with a free one.