Bank of America credit card annual fees are subject to change due to the Credit Card Act and other regulations imposed by the Federal Reserve.
Public companies have a responsibility to their shareholders to protect their profits, and with the threat of reduced profits due to new regulations, you can be sure that these companies will try anything in the realm of possibility to survive.
Bank of America has announced some anticipated changes to their credit cards that indicate in the future more credit cards will incur annual fees.
And unlike most paid credit cards, customers who receive these charges may not have a card that offers premium services such as concierge or big rewards.
One of the criteria Bank of America will use to determine which customers are lucky enough to receive fees is profitability, in other words, those who don't send extra money to the bank in the form of interest payments and late fees or those who rarely use credit cards.
Most likely Bank of America fees are unprofitable for the company and charge these annual fees.
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For now, there are plenty of free credit card options for responsible users.
Even the most avid credit card users, those who manage to use cashback rewards and other benefits while paying off their balances in full each month, may find that the new environment will show cash-out plans for the best deals.
Thus a brief explanation of the annual fee for a Bank of America credit card, hopefully it can help.