American consumers have really found their voice lately. In late September, Bank of America announced it would be implementing a $5 monthly fee for some debit card users, and their customers went into a rage. People complained hotly and loudly in every online outlet possible that this change was unacceptable and that they would take their business elsewhere. A little more than a month later on Nov. 11, Bank of America changed course and said it was scratching its plans to add a fee.
Just a few months ago, Netflix made headlines when they announced a major price increase in addition to a splitting of DVD and streaming services. They received massive amounts of backlash. Netflix eventually crawled back into the spotlight and admitted the flub, and decided to go back to just having one service with two products.
People have been using social media to broadcast bad experiences with companies, but I feel like in the past few months, consumers have really had a huge voice and lead major corporations to change their policies and prices. For all kinds of interesting financial tidbits and know-how, please read on for my roundup of my 10 favorite money-related blog posts from the past week!
Boy, did that backfire.
I’m talking about Bank of America’s new policy of charging its debit-card-using customers $5 a month for that privilege.
And I bet Citi, Wells Fargo and Chase are breathing a huge sigh of relief for just “testing” the debit-card-fee waters in a few states instead of doing what BofA did in one fell swoop.
The reaction from consumers is pretty hostile.
Bank of America cardholders, if you’re looking for a free way to get out of the summer heat Labor Day weekend, try your local museum.
The bank’s Museums on Us program provides Bank of America credit or debit card holders with one free general admission to 150 different museums, zoos, science centers and more around the country on the first full weekend of every month through the end of the year. Some people will find the program lacking — for example, 22 states have no museums participating — but it’s just another example of a perk given by a card issuer to lure new cardholders and keep current ones happy.
I’ve never applied for a cash back credit card, but I suddenly have one — at least for the next few weeks.
My Bank of America airline rewards card has unexpectedly morphed into a cash back credit card through the end of June. During that time I’ll receive 3 percent cash back on purchases made at gas stations, grocery stores, drug stores and restaurants.
It’s an interesting tactic to try to entice more spending on a card I usually only use a couple times a month, when I hit those rare locations where American Express cards aren’t accepted.
Seems like an intriguing way to drum up business at a time when credit card usage across society is in decline.
Susie Supalo’s six-year quest for Super Bowl tickets came to a joyous end Friday.
Supalo was one of thousands of Bank of America credit cardholders who were stunned by the banking giant’s announcement in July that after August 31, 2010, the reward points they’d earned on their officially licensed NFL credit cards would expire. After the announcement, I wrote a blog on the topic, which prompted this comment from Supalo a few weeks later:
“I have been saving NFL points for 6 years for Super Bowl tickets. I had enough points last Super Bowl for upper level seats but decided not to redeem them because I had been saving for so long I thought I would wait for lower level seats. I have enough points for lower level seats and now I can’t redeem them. Obtaining Super Bowl tickets with my points has been my goal for 6 years. I think BofA and NFL should have given us more notice. I would have redeemed my points last Super Bowl. Is there anything I can do? I feel cheated by the NFL, B of A and the Chicago Bears! How can they get away with this???”