No. of Recommendations: 1
I have closed many an account when I got that "we'd like to raise your interest rate to 127% effect, oh, yesterday" notice with my bill. I send a letter which states that I have gotten their change in terms and that I do not accept the new terms. This has always resulted in the card being closed by consumer request and the interest rate stays where it was per the original terms - usually that means they can only raise it on me if I'm late with payments or something.

A thing to watch out for is using the card again after you've done this. I had an online vendor charge my MBNA card after I closed it, and they cheerfully put the charge through, upped the interest rate on the entire $5,000 balance to somewhere around 23% and then refused to reduce it again when I called and screamed bloody murder (the charge was unauthorized).

Good luck, and may the farce be with you!
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