Haven’t posted in a while in a here, but I am planning on posting more frequently in the coming weeks.
Now currently most big banks offer a way to waive their annual fee of their WE CC by either having a set balance on all their account combined or with a minimum direct deposit per month. Neo as far as I am aware does not offer any of that so I thought it could be a very good opportunity for Neo to use that same or even a slightly different approach to that annual fee waiver.
The simplest way to waive those annual fee would be to use the same format as most big banks and require a minimum balance accros all Neo account, this would actually already incorporate well with Neo current uses of minimum balances for boosts and should be relatively simple to understand.
The option I find rather interesting and unique is allowing Neo WE CC users to get a annual fee rebate if they reach a specific cashback amount before their next annual fee (of course while still using the card responsibly), this would make users like me use this card more if it means that at the end of the day I’m getting that $125 waived.
Also, instead of cashback amount it could also be waived if you use Neo partners network a set amount of time (has to be a different one of course).
These are just some quick ideas of how annual fee waiving could be done, if anyone has any other ideas feel free to share them.
I truly do see a benefit for Neo to get on board with waiving annual fee like most big bank, and even making it easier/simpler than them, showing how Neo is all about the customers experience and how to help them as much as possible.