Annual Fee

Well... Whether or not the fees are for real is something which your creditor will be able to answer. You should ask your creditor (Bank of America) to give you in writing about the fees. You should thoroughly go through all the fine print in order to check out whether or not they will charge you with any other hidden fees.

In reading all the new rules for credit cards, the banks are charging annual fees to make up for their "losses". Consumers who do not have superior credit scores will find annual fees tacked on to their cards.

You should have received a notification via mail that they were making changes. If not, I would call them to verify just exactly what your fees will be. In this economic climate $39 for a $2,500 credit line seems acceptable.

I would not agree to pay an annual fee. I have never obtained a card that had an annual fee and anyone that I had that tried to retrofit a fee was cancelled. They already make money from either the monthly charges from the vendors at .5-3% per charge or so and from any interest and other type fees from the consumer. I suppose the card could make a case if you don't use it and they carry it on their books but if you don't use it then just cancel it if they apply a fee.

Unfortunately some of us have credit that's so bad we can't get a loan from our relatives! After going through payday loan hell and settling 7 credit cards, my credit score is trashed. I secured a credit card with a low annual fee and have started to rebuild my credit.

I use it to buy gas only and then repay what I charge; everything else I use my debit card. Nice to look at my credit report and see "paying as agreed". Since I got the card my credit score went up 50 points.