Banks are afraid to charge service members more than a $100 annual fee per the Military Lending Act on any consumer credit card product per my armchair analysis of the MLA.
I am currently being charged the $75 from BoA for their Alaska Product, but when I opened it in November of 2017 the annual fee was waived citing the MLA. They have since actually read the MLA and determined that a sub $100 fee is a bonafide fee, and started to charge for it again. On the flip-side Citi has decided to waive their $450 on their American Airlines Executive as well as their $495 fee on their Prestige card. Chase has followed suit and waived $450 for their United Club card, $450 on Chase Sapphire Preferred, and even the $450 on their Ritz-Carlton Card citing the MLA.
I believe this $100 threshold cited in the FDIC documents is prompting all of this. I have not found anyone that has the Cojones to try for the $995 Barclay’s gold card that we enjoyed back in 2016. NOw that the MLA has taken place, they would have to justify a $995 annual fee as being a bonafide fee.
What makes the experiment more risky is the lack of 50,000 points as a sign up bonus (Worth $1,000 in travel in th epast). However there is a $200 travel credit you can get at least $400 back if the whole thing does not work out if you straddle two years (Hit in July and then in January, then cancel).
Maybe we need to create a churning defense fund for this type of thing. Make it part of the CFC so that you can make tax deductible contributions. Please if you are up for going for it, post your data points here!