When I first moved to the United States many moons ago, I opened a bank account and a credit card account with BofA. When I quickly realized that they would charge me a fee for everything from withdrawing money from ATMs to just having a pulse I quickly fired them and moved on to SunTrust who have heretofore treated me pretty well.
Shortly after starting to deal with SunTrust I got a credit card with them and life went on. After several years the BofA card lapsed and that account closed.
Not too long ago, at Clark Howard’s suggestion, I looked for some kind of financial rewards card. I’m pretty basic financially, if I don’t understand a financial product I’m really not interested in it. So those bizarre air miles cards or “redeem for prizes” Discover cards held no interest for me. Along came Charles Schwab with a financial rewards card that offered 2% cash back on everything. They actually offered more back on some special items but I’m not wasting my time trying to keep up with that nonsense.
Charles Schwab eventually decided that they no longer wanted that portfolio and sold it to… you guessed it, BofA. BofA promptly eviscerated the card benefits and made the card uninteresting to me.
Meanwhile SunTrust had sold its credit card portfolio to… you guessed it, BofA. Now I’m waiting to see what they do to this card because it’s the only card I own that does not charge a foreign transaction fee premium (3% is the norm I think). So I like to use it when traveling.
Meanwhile SunTrust has begun soliciting me, they seem curious to know why I wouldn’t want a SunTrust Credit card.
So, to look at me I’m apparently some kind of BofA fanboy because I trust them with so much of my credit business.
Time to look for some good Credit cards again. Let me know if you know of any that offer understandable rewards…
Posted under Opinions
This post was written by Marc
on April 11, 2012 at 7:57 pm