Have you heard about all the crazy new fees the big banks are tacking on to credit cards? I hadn’t until I watched The Today Show. Usually I don’t pay much attention to credit card fees. Why? Because I have never gotten one. I have ALWAYS paid my balance in full each month. Paying your balance guarantees no fees….right? WRONG!
We are all pretty much screwed. Those who can’t afford to pay their balance in full have been getting screwed for a while, but now everyone’s gonna be hurting. Here’s just a few of the sneaky fees…
Initiating or increasing annual fees (aka: We hate you fee)…
Bank of America is testing out new annual fees of $29 to $99 on certain customers. How’d BoA decide who they were gonna hit with the new fees? They aren’t telling. Hear this Bank of America, you increase my annual fee and I will punch you in the face and cancel my credit card faster than you can say “I smell like pantyhose”
Inactivity fees (aka: We really hate you fee)….
WTF? This one honestly dropped my jaw. I have a few credit cards that are really old, but that I never use. I keep the accounts open because my history with them gives my credit score a healthy bump. Ya really have three options here: Pay the inactivity fee, use the card (assuming you haven’t cut it up…oops), or cancel it and damage your credit score.
Not Enough Activity Fees (aka: The bend over fee)…
I said it once before, but WTF!? I feel like the banks must have had a giant how-to-piss-off-our-customers board, with about 50 different ridiculous fees included. The CEO’s then blindfold themselves and throw a dart at the board, thus creating the “not enough activity fee”. Essentially if you don’t charge at least “X” dollars on your card each month, or year (depending on the terms), you are gonna get penalized with a fee. Again a problem for me, considering I really only use one credit card, even though I have three in my name. Do I really want to be carrying balances on multiple cards, to avoid a stupid fee?
This is absolute insanity. I’m damned if I do and damned if I don’t. I can either fork up the cash and pay these crazy new fees, or I can say “Funk You, Bank of America I’m out like a fat kid playing dodge ball” thus hurting my credit score. Even though I’m at the peak of my financial game, this could end up being a lose-lose situation. It’s time for this ninja to start shopping around with local credit unions. I’m done with the big bank drama.
You can see the Today Show clip here to get the quick scoop on what I just ranted about.