Released: October 14, 2009

Bank of America to charge annual fees on some rewards credit cards

Source: Associated Press (USA Today)

Bank of America (BAC) is sending notices to a limited number of customers that it will start charging an annual fee for some of its rewards credit cards starting next year.

The $29 fee will be applied every February, according to a letter sent to a customer and obtained by the Associated Press.

“We’re testing this to see what the feedback is. In terms of any plans going forward, we haven’t made any decisions,” said Betty Riess, a spokeswoman for Bank of America. She said the fee is being “tested” on 1% of its credit card accounts globally, but declined to give specific numbers.

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