Mitchell of San Leandro was notified recently that next month his Wells Fargo credit card which he has had over 20 years was now going to hit him with a $45 annual fee. Banks describe this annual fee as a a yearly charge for basically the convenience of having a credit card. "I was out of work for a bit, so I had to charge my credit card," he said. "Now I have to pay that yearly fee on top of the interest because I need to keep the card." If your credit card decides to charge you an annual fee, they are required by federal law to notify you 45 before it becomes effective. You can reject the fee by opting out and closing your account, but this could possibly hurt your credit score. David Lazarus of the LA TImes wrote about Bank of America charging one customer $59 for their annual fee. "I feel like an indentured servant," Sue Laman told Lazarus. "But what can I do? I can't refuse their annual fee. They know I have no choice except to pay....
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