Looks like the video rental business is rough all around.

Effective today, Redbox has raised rental prices to $1.20 per day, up 20 percent from the signature "dollar-a-day" pricing model that made the company famous.

Citing increasing operational costs, including the recent hike in debit card fees levied by banks, Redbox said raising prices was a necessary action. It's the first time the company has made such a move in its eight years of existence.

The cost of Blu-Ray and video game rentals will remain unchanged (for now, at least). Get any questions you may have about the changes here.

Redbox competitor Netflix enacted an effective 60 percent price hike on its own services earlier this year, which sparked a bout of bad mojo from which the company has yet to recover. It remains to be seen what effect Redbox's more modest restructuring will have on the business.