People ask me, “Why don’t you just move your accounts elsewhere?” The problem is simply this: when you close a credit card and open up a new one, it’s a red mark on your credit rating. I have three credit cards with Bank of America (one personal and one for each business). If I close them, it will take seven years for those red marks to come off my record. If not for that, I would have left Bank of America a decade ago.
Let me just be clear: I don’t hate banks. I hate Bank of America (and the Federal Reserve bank, but that’s another story).