No doubt you’ve all been experiencing the same thing as I have. You have been a loyal, good customer of your credit card company. Now we are getting the letters saying that our fees are going up, our interest is going up, or that there are fees where there never were before.
Now things are getting much worse. The absolute most ridiculous business model ever is sinking even lower.
You floss regularly, yield to oncoming traffic and use your credit cards judiciously, dutifully paying off your balance every month.
You may believe that your exemplary behavior shields you from unexpected credit card fees. Sadly, that is no longer the case.
Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.”
Many credit card companies are going to implement non-usage fees. That is, if you don’t use your credit card to their liking … you’ll get a penalty fee.
We may finally be at the breaking point for most Americans to start living on an actual monetary budget. It is going to suck in the short term, but in the long run will be better for your finances.