I guess I've been lucky in that my credit card horror story had a happy ending.  I have a Citibank Diamond Preferred card with a high  credit limit and have had a low interest rate (single digit number) on it for years.  I was shocked in January to find on my statement that my interest rate had more than doubled for no reason and I had not been informed that it was going to go up.  So I called them and after nicely stating my grievances they lowered my interest rate, on the spot, to below what it had been originally!  Now, it's only 1/2 percent above what my mortgage rate is.  I was annoyed that they'd raised my rate for no reason but now I'm happy with Citibank's service.  They treated me well.

I am still waiting for my credit lines to be slashed, but so far nothing.  I have $60k of open credit lines on 5 cards, and haven't heard a peep from any one of my banks.   And they could jack my rate to 100% and it would mean nothing to me.

I guess never paying late (I mean never), always paying the bill in full (haven't had a balance in over 10 years) and generally being responsible still means something?  

THE CREDIT CARD COMPANYS ARE FILTHY PIGS!!!QUITE TALKING NICE ABOUT THEM!!!............THEY ALMOST RUINED ME BUT NOW I AM FIGHTING BACK BY NOT USING THEM ANYMORE!...DEBIT CARDS FROM NOW ON!!...BARRY....

I really don't get the hate towards the credit card companies doing things to improve their long term bottom line.  Part of the reason we are in this epic economic kerfluffle is because companies gave credit to anyone with a pulse at the lowest possible rates.  American Express is closing accounts, BoA is increasing interest rates, etc. and everyone is all up in arms about it but they are doing what they feel is the best thing for the long term.  Maybe if more of the companies in this country had thought about the long term in the first place instead of paying their CEO millions upon millions of dollars to double their profits in 6 months we wouldn't have things like ARMs or interest only loans and our economy would be stable.  This stuff sucks at the moment, yes, but in the long run it is a good thing the same way that saving for retirement sucks but is also a good thing in the long run.

WAMU, bought out by Chase - Raised two of my credit cards from 11%ish...to 29.99%.  My credit is almost perfect - right at 825.  There was no reason, so I leave cards open because they are the oldest and have very high credit limits, but I will not use them.  I'm not contacting the bank to complain- I will choose not to do business with Chase as I move my active bank accounts some where else.  These are just credit cards - To the Whiners on here.....shame on you...just because you have a credit card, doesn't mean you have to use it!  Duh.  If you can't pay with cash, maybe you should re-asses how badly you need that 52" LCD.  

People get in to trouble with credit cards for many reasons. I will not judge anyone on what happened with them. However, I will fault credit cards for their greed. I think it is very unfair that one card can raise an interest rate just because their "customer" was late on a different card. I quoted customer because credit card companies have forgotten that we are their "customer". Long gone are the days that being a customer meant something to them. I am a credit card survivor, I quit using them 3 years ago when I saw how greedy they had become. We should not bail any of them out until they lower their CEO's total salary and bonuses to at least a mid six figure income. And even that is a stretch. If the top 5% of the richest people gave back to this country, 1% of all of their income we would not have homeless people. Think about that just 1% of their income. But they won't do it because they too are very greedy. Really how much does it take to live on per year? Greed has ruled the credit industry and until it changes we will be paying for it....

Those so upset with credit card companies need only remember what things were like for cardholders in the 70s and earlier.  All credit cards had fees, just to carry the cards.  Minimum payments were much higher than the 3 to 6% stipulated these days.  Interest rates, on average, were 20%.  Credit limits were far lower.  If you were making 20,000 bucks a year in the mid 1970s (a decent middle class income), you would be lucky to have a credit card with a 700 dollar limit.  500 was more like it.

It's almost impossible to not have at least 1 or 2  credit cards.  You can't rent a car without one for instance, and it's much easier to use if you need a hotel and much safer than carrying cash. and it should be paid in full monthly or the balance kept low. However I don't like how they treat us.  I have good credit. But I had an account with American Express with a $7,000 credit limit.  I let it get almost to the limit, then paid it off.  Never late on any of the payments.  Nor was I late on any other cards. I then paid it off in a lump sum.   After I paid it in full I received a letter from them saying they had cut my credit limit to $500.  I won't be using that card any longer. It wasn't right to do that, there was no reason.  They couldn't give me a reason when I called.

Bank of America is the worst.  I had a high credit limit which I didn't ask for and I called to see if I could get a reduction of my interest which I felt was high and by the end of it they wouldn't reduce my interest but reduced my credit limit and I have not missed any payments or asked for any extensions to pay or anything.  They are scum but you know that they have us hooked.

i'm happy for all the people on these posts who say they will stop using their credit cards. BUT, some of you say "debit card only" ... to which i say, no credit card or debit cards either. CASH.

it took me a little while to get used to it. (please spare me all the convenience arguments, if you want to stick with your debit card, then good for you). but once you get used to it, if feels WAY better. don't laugh, but i actually feel like i HAVE money, having a bunch of cash in your hand feels pretty good. with these cards, you swipe and then the banks swipe your money with fees and interest rates because they are experts on human nature.

true, you might lose cash or misplace it. but to me, i'd rather some bum pick it up versus actually going to the bank and signing up to get ROBBED. you decide.