A few hours ago I opened my mail and read that Capital One was raising my interest rate from a fixed rate of 9.9% for purchases and cash to a variable rate of prime plus 14.65% for purchases and even ridiculously higher rate for cash.  My credit score is in the high 700's.

I have a zero balance and a credit limit  limit of $8,300.  I haven't used the card in a while but had a 0% transfer balance and paid it off two weeks ago.  I was going to call them and give them a piece of mind, but I read articles online that states this is par for the course for this particular lender.

The article below was written on 2/25/2009 - today.
http://www.consumeraffairs.com/news04/2009/02/cap_one_revolt.html

The article below was written on 2/23/2009 - two days ago.
http://www.foxbusiness.com/story/personal-finance/credit-card-companies-raising-rates-consumers

The article below was written on 2/21/2009.
http://www.msnbc.msn.com/id/29320523/

The article below was written in 11/2008
http://www.usatoday.com/money/industries/banking/2008-11-09-bank-credit-card-interest-rates_N.htm


My first response, without thinking:  "I'll show them".  However the more rational response is to analyze how closing the account will affect my credit score.  I can get a credit increase of $8,300 from one of my other creditors, which would balance out my percentages if I should close the account.  Before I close the account, I have to re-calculate my average credit history length to make sure that this number is not greatly decreased.

I could also just leave the account open, not use the card and continue to let others know how unfair this company has treated me as well as others.  The link below is a forum where others are reporting similar experiences.  In some cases, people give "food for thought" on possible courses of action.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=147866
http://newjersey.craigslist.org/wan/1040735409.html (another consumer with forum)