Citibank to jack interest rates to 29%?

[donsabi]

National news program recently aired a story about a woman who had a credit card account with B of A. She was never late and always paid more than the minimum and B of A jacked her rate up to 30%. She called their bluff and told them to lower the rate or shove it. She missed one payment and B of A reinstated her original interest rate. You can't help but to respect a person like that.

[wanneroo]

It's a free market and if enough people opt out and go elsewhere, the rates will go down.

My business card I use for big purchases doubled my interest. My credit score is 810. When I pay off a purchase next month, the card goes in a drawer and if I feel like it I'll cancel the damn thing. If I find another good card with decent interest fine, if not then fine.

[AnUnidentifiedMale]

I never carry a balance, but I got a notice on my HSBC card the other day that said the "default rate" will now be 34%! Unreal. Better not be late with a payment!

This is a situation where I strongly believe in the free market, however. There's nothing that forces anyone to use a credit card. I don't think we need laws restricting interest rates; there's plenty of competition out there.