If Bank of America has decided that dealing with you is “risky business,” you’re gonna get smacked with a $59 annual credit card fee starting in May. What makes a customer a potential target for the new fee?
- Credit card is only Bank of America product you have
- Regularly make late payments
- Below-average FICO score
- Carry balance close to your credit limit
Have an interest rate around 14%
Customers targeted for the adverse action have an average interest rate of around 14%. Notices are going out this week to the around 5% of impacted customers.