You’d think that a credit card customer who pays his or her bill on time is a good customer. But these customers don’t make the banks and credit card companies money—at least not enough of it.
Now, as the Consuming Interests blog reports, Bank of America just sent out a bunch of notices telling customers that their previously no-annual-fee cards will cost members $29 to $99 a year starting in 2010. Apparently, the new fees are aimed at customers who pay off balances in full and rarely incur penalties—you know, the folks who are prudent about spending and bill-paying, and who don’t make the banks and card companies a whole lot of money.
What can you do? Cancel your account and find another card that doesn’t charge an annual fee.