If you have credit cards, be careful with the latest news from Bank of America that they will be adding annual fees to credit card accounts. You should expect other banks to follow their lead.
Annual fees are nothing new for some credit card accounts but the wise consumers have avoided them. Now, Bank of America announced they will add an annual fee.
Consumer Reports states fees will increase from $29 to $99:
“Selection was based on individual accounts–not a specific card–and generally was based on risk and profitability of the account,” said spokesperson Betty Riess via email.
If you were questioning the value of the credit card – then now is the time to act. Do not close the account until you have your finances under control. Instead, take the balance to zero and hold until you have enough cash saved so that all of your future purchases are with cash. Do not use your credit card.
Some of us are wondering why we saved these banks. Others are just realizing it is time to dump the credit cards. What are your plans?
