When did annual fees end?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Cucumber
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When did annual fees end?

Postby Cucumber » Tue Nov 04, 2008 2:55 am

I would say 95% of credit cards today don't have any annual fee. When did all that change? My mom said that only 15 to 20 years ago most cards had some kind of annual fee AND to think they offered NO REWARDS! What a crappy deal it was back then. :ppp
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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Nov 09, 2008 6:58 pm

I think like any new technology, we are charged a premium for it simply because they can get away with charging it. But once it becomes mainstream the competition become fierce and they can no longer get away with it. It looks like the credit card industry is no different. After credit cards became such a common payment form and new competitors came into play, they could no longer charge the annual fee. This competition is what also is responsible for rewards. Credit card competition became so fierce they had to literally pay us to use their cards. But hey, I'm not complaining, this is all good for us - the consumers.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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jhudson
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Postby jhudson » Wed Nov 19, 2008 11:38 pm

Bad credit credit cards still charge annual fees and worse they charge other fees too.

What I'm stumped about is that Amex still has their platinum and gold cars with annual fees. I'm not sure in 2008 that is worth it anymore. Ten years ago and more sure, but not now. I can understand having some fee for the benefits but their annual fee on the platinum card was $450 last I checked. Quite a bit to pay to have a card.

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Postby Money card » Tue Jun 28, 2011 10:29 pm

I would say somewhere around the late 90's. when Banks started work with airlines and hotels.
For example theres no annual fees on the freedom or citi select, but theres fees on the Chase Marriot and citi american advantage airlines.
yes theres no annual fees anymore on the basic card but there on the airlines and hotels.



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