Credit Card Forum
  1. #1
    Cucumber
    Cucumber is offline
    Centurion Member Cucumber's Avatar
    Join Date
    Apr 2008
    Location
    Zuma
    Posts
    596

    Default When did annual fees end?

    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.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Nov 4, 08, 12:55 am
  2. #2
    Mogul of Pineapples
    Mogul of Pineapples is offline
    Centurion Member & Moderator Mogul of Pineapples's Avatar
    Join Date
    Jun 2008
    Location
    Smogland
    Posts
    1,400

    Default

    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. Regardless, anything I say is my honest opinion.

    Current Cards:     American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
    Primary Everyday Card: American Express Blue Cash
    Primary Travel Card: Citi Thank You Premier
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Nov 9, 08, 4:58 pm
  3. #3
    jhudson
    jhudson is offline
    Green Member
    Join Date
    May 2008
    Location
    Maine
    Posts
    17

    Default

    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.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Nov 19, 08, 9:38 pm
  4. #4
    Money card
    Money card is online now
    Centurion Member
    Join Date
    Jun 2011
    Location
    New York state
    Posts
    523

    Default

    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.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Jun 28, 11, 8:29 pm
« Previous Thread | Next Thread »