In an attempt to squeeze more revenue out of consumers who don’t rack up much debt, Citigroup, Bank of America, and other credit card companies are adding new fees. According to USA Today credit card users are being hit with new “inactivity fees” and fees for not putting enough debt on your credit cards. Consumers thinking about canceling their cards face taking a hit to their credit scores for closing an account.
Other consumers may have no choice – Citibank has been closing some credit card accounts without reason or warning, damaging their customers credit ratings.
I cut-up my credit cards last night.