I recently transferred a balance to a card of a major bank that I have done business with for years. They gave me an offer of a zero interest credit card for 6 months on the balance and actually increase my limit on the card the following week to $29 thousand. I was pissed when I received a letter in the mail today saying they were going to adjust my rate to 24% or I could reject and close the card. I called rejected, and told them that they were losing a good customer that had never missed a payment or failed to pay off a balance.

These companies are in a mad dash to jack up your rates before June when impending legislation will disallow the common scam practice. These companies gave money away like candy and are now punishing consumers for their bad choices. It is unfair. Make sure that you compare credit cards and make sure that you follow up on the letter.