I got this little note in my last credit card statement. It basically tells me that they are going to raise the interest on my credit card balance to nearly 20% and that it could go higher. now they are allowing me to "op out" of this, and I did, but I wont be able to use their card when it expires and at that time the rates will change. I wont be using their card a lot sooner than that, I am looking for a different company now.

What really pisses me off about this is that I have been their customer for nearly 20 years. I very rarely have a balance and I typically charge around $1000 a month; lately with building the house it has been a bit more than that. Now admittedly they make very little off me with finance charges but credit card companies charge the seller a fee of between 3 and 5%. so every month the credit card company makes about $30 off my card.

I am very pleased with the new credit card rules that have been adopted. Regulators adopt new credit card rules - Yahoo! News the consumer needs some law's that are on their side!!