Originally Posted by
GeoMedic
Yes, I too am disappointed at the loss of the credit for the card fee. I'd like to see the regulation that prevents a fee refund or credit. He wasn't refrring to the card apart from the no fee coments. The revenue tracking is for ticket revenue and is not associated with the card.
It isn't the first year fee that is being waived... it is the benefit of a free card for those of us at Presidential Platinum. That's what they can't do.
I have been combing the web, looking for what regulation might prohibit waiving a credit card annual fee.
Certainly, the Credit Cardholders Bill of Rights of 2009, encouraged banks to increase the transparency of the cost of credit, but there was no specific language in the bill pertaining to annual fees, and credit cards without annual fees are not only permitted but remain the norm.
There certainly, ironically, have been numerous cases of banks using this law as a shield to pile on cost, and it could well be this is an example of that, however, I cannot say that for sure.