Hello everyone. This is my first post here so I will try to be as detailed as possible. I did some googling on the issue and ended up with nothing so I thought I would post here.
I currently have the Virgin America VISA that is operated through Barclaycard. The rewards are fantastic and the yearly fee is low. I receive a companion ticket discount once a year and I get points so quickly, the card has led to several coast to coast flights for free. It is my go to card, along with my AMEX Zync.
I received a letter today, as did some friends of mine, that the partnership between Virgin America and Barclaycard is ended and I will be automatically reissued a new card through Barclaycard. The yearly fee is almost doubling, the rewards are... well, they are absolutely terrible in comparison, and my card number is being changed. The rewards system will not go directly through Barclaycard and not Virgin America. Oh, and they are changing the card from a VISA to a MasterCard.
My question is, is this even legal? My yearly fee renewed in May but they are cutting off my card in January. I did not agree to this initially. Even when American Express discontinued my ZYNC card, they grandfathered me in and I can keep using it as long as I want. If this is legal or illegal, what can I do? I established a relationship with Barclaycard under the agreement that rewards would be transferred to Virgin America. I feel like I have been sold a bill of goods, I paid for one thing and now they are changing the rules halfway through.