Credit card holders livid about 'rate-jacking'

Nation: Count me as among the irate, Citibank screwed me royally with a rate hike from 11 to 19% even though I have been paying my bill on time since the early 90s. Once its payed off, it is never being used again.

In the blogosphere, writers are livid at the instant rate hikes -- called "rate-jacking." Citigroup seems to be the target of most bloggers' venom -- partly because Citigroup issues so many credit cards and partly because Citi began sending the notices at about the same time it was getting a $20 billion, taxpayer-financed government bailout. No one at Citigroup would talk on camera to CNN about the matter. Instead, the company issued a written statement, which said: "To continue funding in this difficult credit and funding environment, Citi is repricing a group of customers." Citi told CNN that anyone unhappy with the new rates can opt out and continue paying the lower interest, but they must close their account when their card expires. It's all in the fine print. Rep. Carolyn Maloney, D-New York, said she is sick of the fine print. She agreed that credit card companies get away with whatever they want, as long at they put their desires into the fine print. "They have this provision that says they can raise the rate -- any time, any reason," she said. In September, Maloney got the House to pass by an overwhelming margin of 200 votes the "credit card holders' bill of rights," which would have stopped rate-jacking and the imposition of other fees by banks.

Now this I disagree with it, the agreement is all there for card holders to read and understand. To use their card you agree with the terms and I have no problem with them raising credit card rates. Its their card not mine.

But I have every right to be angry when they raise the rate even though I played by their rules. The biggest punishment is to not use citibank who seems to be the worse abuser of rate jacking. It doesn't mean making more laws that will screw things up even worse.