Here's how — make your payment on time every month.

Last week, Bank of America notified a limited group of cardholders that it will start charging an annual fee on their credit cards beginning in February 2010. The fee will range from $29 to $99 and will be applied to the selected accounts based on risk and profitability.

This action came only one week after Bank of America received attention and praise for promising to put a freeze on credit card rates.

"Nearly 80% of the credit cards in America do not have annual fees," said Hardekopf. "You can certainly find a comparable card without an annual fee if you shop around. Just make sure to analyze the terms and conditions of each card and if they are similar, choose the one without this yearly fee.
"Actions like these are rarely singular events. One issuer takes a new step and the others likely follow. Issuers are trying everything they can to reduce risk and increase revenue, especially since regulations are limiting their options," says Hardekopf. "Consumers have to pay attention to their bill and the notices they receive in the mail."
Cardholders should take note that if they are in deliquency, their frequent flyer miles can be withheld by Citi:
Randy Petersen: One final note on canceling your Citi card: The safety of your AAdvantage miles is dependent upon you making sure that the final balance is paid. Citi can and does withhold miles when an account becomes delinquent. Miles are also deducted if you choose to return a product that you charged with your Citi card. But if your balance is clear, and you are set on closing the card and willing to take a credit score hit, then go ahead and cancel.