I have to stuck with this annual fee for while

United States
May 7, 2011 2:56pm CST
Last night, I called this 1 - 800 number to Bank of America credit card to close the account. The operator told me that as long as I still have balance on my account, the annual fee would still apply to it. Unless I would pay off my balance immediately, and the annual fee will be credited back to me. What in earth they are trying to pull? Taking advantage of me like that? Why can't I simply close that account, and keep on paying the balance from month to month basis? I guess that I have to stuck with it for a year, because I have high balance on this credit card, and I just don't have enough to pay them off yet. Hopefully, I can finish paying it within this year.
5 responses
@owlwings (40037)
• Cambridge, England
7 May 11
If you had read the Terms and Conditions carefully before you opened the account, you will see that they are quite within their rights to charge an annual fee at any time. There will, no doubt, have been something mentioned about a "Notice Period" and you can be sure that they have met their own conditions meticulously. The only other option you have is to search for another credit card which offers a zero rate for balance transfers, to open an account with them and transfer the balance from your Bank of America card. Only then will you be able to close your account. Always read the small print VERY carefully when opening an account!
@owlwings (40037)
• Cambridge, England
8 May 11
Use a website such as this: http://www.creditcardguide.com/credit-card-comparison/ to choose the best card for your needs. You may only be able to find out what credit limit they can offer you by calling them or by going through the application process because limits usually depend on one's personal credit rating.
@owlwings (40037)
• Cambridge, England
8 May 11
Regarding the site I quoted above, they seem to give good advice. This article seems especially relevant to you: http://www.creditcardguide.com/creditcards/balance-transfer/editors-pick-best-0-apr-balance-transfer-credit-cards-2010-318/ Notice that there are many which offer zero rate transfers but woe betide you if you do not make payments on time! One missed payment (and that means missed by even a day) could leave you paying a VERY high rate of interest. Notice, too, that although many say there is no annual fee, there is an asterisk against 'None' meaning that you should read the Terms closely.
@asliah (11148)
• Philippines
21 May 11
hi, oh thats really annoyed my friend,but why they charged you for annual fee just because you still have a balance in your account.
@stephcjh (32327)
• United States
9 May 11
Yep. They will charge you the fee as long as there is a balance on it. We had a credit card like that too and we paid it off and was done with it. It is bad enough they charge interest, but then they want to charge an annual fee on top of that.
@katieh (151)
8 May 11
How can you close an account when you still owe money on it? I'm not sure why you expect to be able to do this. When you close an account, it no longer exists. If you just want not to put any more purchases on it, cut the card up. But you really can't expect to be able to say "sorry, I don't want this account any more" when it's you who owes the money on it.
• United States
7 May 11
You can pay it off if you wold use your planned funds and anything extra. I paid off mine and cut them up. I don't want anymore cards ever.