Big banks get desperate on credit cards

So that big Credit CARD Act that’s due to hit financial institutions next year? Big banks are scrambling to set up more fees and more interest rate hikes to get your money before the act goes into affect.

Bank of America is testing an annual fee on 1% of their cardholders (that’s 800,000 people, all together).

“We’re testing this to see what the feedback is,” said Bank of America spokesperson Betty Reiss. “In terms of any plans going forward, we haven’t made any decisions yet.”

Here’s a clue, Betty: feedback is going to be negative.

Lucky for them, BoA has chosen not to raise their card rates, but an annual fee means if you’re holding a Bank of America card, you could be paying more.

Meanwhile, Wells Fargo is going to raise rates on its card-holding customers, says the South Florida Business Journal, by up to 3%. The new ouch-worthy rate will affect “most” of Wells Fargo’s credit card customers, whatever that means. “Most” usually means “more than half,” so it’s going to hurt a lot of people.

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