I just received a notice, that based on my credit bureau, I will now be charged an annual fee of $49.00, but will be given a 1% rewards program. Had the account 2+ years, perfect payment record, and now I get this. Can they do this?
I also have the Juni Visa for almost 2.5 years now. Haven't heard or seen anything like that yet from them. Doesn't really sound like a negative, just another way to charge an A/F, but offering something in return. Has your reports changed recently? Some banks are now charging A/F's with nothing in return, but it seems like they are. Maybe the rewards will offset the fee? I'll be checking my mailbox.
Maybe someone else can answer this.......
There is nothing new on my bureau. In fact my scores are higher now than they were when I got the card. Just another way to generate revenue. I didn't know they could do this!!
I would give them a call. Maybe they are product switching you to another card brand. Let us know how that goes, but i don't like the AF part, and would expect something special to offset that fee.
The banks are going to try and find any way they can to raise fees now that the government is going to limit the interchange charges on debit cards. I expect we'll be seeing many posts with similar stories.
Request that they waive your annual fee. If they don't budge, close the card if you can.