MyCardBlog

I came across  an article that titled “BofA to charge annual fees on rewards cards” at msnbc.com. It seems that the credit card holders of Bank of America should be warned before the policy to be effective soon. Rumors said that all of the Bank of America rewards credit card will be charged a $29~$99 annual fees starting next year.

According to the article, Bank of America will fist test this strategy to see what the feedback is. But there is no actual plan yet. Betty Riess, a spokeswoman for Bank of America, said the fee is being “tested” on 1 percent of its credit card accounts globally, but declined to give specific numbers.

So the question is how they could choose the 1% credit card accounts?

Here is the answer:

The Bank of America accounts that will be charged fees were selected based on “risk and profitability,” Riess said. That means customers in good standing who never carried a balance — and never incurred interest charges or late fees — could be among those getting notices.

Customers are told that they can reject the fee, but will subsequently have their account closed. The deadline to reject the change of terms is Dec. 16.

SO please take a look at the mails from Bank of America in the next following months.