BofA Slaps "Risky" Customers With $59 Annual Credit Card Fee

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.

New annual fee for select BofA credit card holders [Bloomberg]