Have you noticed rate increases for your credit card(s)?

That is very common. Banks are using any reason and some times no reason at all to raise interest rates and minimum payments and reduce credit limits.

This is done due to the new law that will come into affect as well as the fact that credit card defaults are at a record high (most estimate that US banks will lose about $1.2 trillion on credit cards and auto loans before the current credit crisis is over).

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RE :Have you noticed rate increases for your credit card(s)?

I'm wondering if the credit card companies are jacking up all their rates before the new bill in 2010 goes into affect or something? Between my husband and I we have received notices in the last couple of months that the APR is increasing on three separate accounts -- we can reject it by cancelling our card. Two were Bank of America and one was Chase. All accounts are in good standing with 5--8 years of history and low balances in relationship to the limit -- in fact there's only one we carry a balance on for more than 2 or 3 months -- the other two have no balance as of now. What's going on? Is this something everyone is experiencing? We have no blemishes on our credit so I'm confused.

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