Bank of America now charging annual fee of $29.99-$99.00 for paying your credit card balance off in full each month!
Citi Bank now charging annual fee of $29.99-$99.00 for NOT keeping a high enough balance on your account from month to month!
What these two companies are doing is a direct contradiction to how FICO ’08 is determining our creditworthiness. According to FICO ’08 we need to either keep our balances under 10% of our credit limit or pay them off completely each month to receive the optimal credit score. However, these two companies will penalize you for doing so! Worse yet, 15% of your credit score is determined by length of credit history so if you have a credit card with one of these companies and decide to just close them out, you will also lose points on your credit score!