Shafted by your credit-card company? Tell us your story by Nov. 20.

If you're mad as hell at your credit-card company, here's your chance to let federal regulators know--and maybe even get something done about it! 

Credit Card Reform.org, a project of Consumers Union, publisher of Consumer Reports, is collecting stories from consumers who feel they've been shafted by their credit-card company, particularly in the last few months. As we've reported, credit-card companies have been busy as bees jacking up interest rates, changing fixed rates to variable rates, increasing penalties, and doing other maneuvers to gain the most before the consumer-friendly Credit CARD Act of 2009 goes into effect next February. 

Consumers Union supports current efforts to push forward the effective date of the law to December 1 of this year. We're also providing information on the credit-card companies' obnoxious behavior to the Federal Reserve, which in theory regulates such practices. Lauren Bowne, a CU staff attorney coordinating the effort, hopes to highlight a range of abuses by having consumers "share their story with the Fed as a way to highlight the attempts by the card companies to circumvent the law," Bowne says. 

If your credit-card company has done any of the following (or something new we've not mentioned here), we want to hear about it:

•Added a new fee or raised an old fee.

•Increased your interest rate.

•Closed your account.

•Lowered your credit limit.

•Took away rewards.

•Raised the minimum payment.

•Made the fixed interest rate a variable rate.

Bowne also is interested in knowing what kinds of documents, offers, and letters credit-card companies have been sending their customers. "I am quite positive that there are more changes out there that we haven't yet heard about," she says.

"The Fed is issuing regulations to implement the provisions of the CARD Act," Bowne adds. "Our comments will encourage them to interpret the legislation in a way that is most protective of consumers. Also, the Fed has broad authority under both Truth in Lending and the FTC Act to determine what paractices are unfair and deceptive. We will encourage them to go farther in some cases and close any loopholes the issuers have taken advantage of."

Here's a link to a Credit Card Reform.org page to tell your credit-card horror story. The deadline to comment is Friday, November 20.–Tobie Stanger

Comments

[Chris M]

I am not proud of it but I have numerous credit cards with balances on them. Most of them have adjusted their policies with in the past year. I never had any problems with late or missing payments. American Express dropped my credit limit from $2000 to $700, Bank of America is instituting an annual fee of $69. I have closed 2 Chase cards and 2 citibank cards because they were going to raise the interest rates to 30%(One is due to change on Nov. 30th, day before the new rules take effect). Another chase card increased my minimum payment from 2.5% to 5%. A $250/month difference.

[Alex H]

I had 2 Cap One cards that were around 7 yrs old that I never was once late on close on me because they were increasing my rate and I wasn't okay with it. Then recently my GM cards (HSBC) decided they were going to increase my rates too. I closed one that I paid off but before I closed it I specifically asked the customer service lady if I needed to claim my rewards money first before I closed the Acct. The lady said I have 90 days to claim rewards and that as long as I claimed them before the grace period was over then I would be okay to go ahead and close the acct. So I did! Then she transfers me to the rewards side and after claiming my reward of $100.00 the lady informs me that my acct needs to be open. Informed her of what the first lady told me and she disagreed. Long story short....The first lady was wrong and it was too late. I couldn't reopen my acct and I was out my $100.00 reward. Talked to a supervisor and she admitted that they misinformed me and that she was sorry but theres nothing she could do.

[Steve]

I have been a customer of Citicard for about 12 years. I always pay on time and usually more than the minimum payment. For many years my interest rate was 9.9% but has creeped up to double digit numbers over the last few years to 19.9%.
I received a letter from them this week telling me that my rate is going up to 23.99% in December and if I don't accept it they will cancel my card. So I emailed them and told them to go ahead and cancel it as I no longer wish to do business with them and will use my debit card from my local bank instead. I also gave them a new name. Instead of Citibank I'm calling them Sh*&tybank if you get my drift.
I am also going to contact the Attorney General of my state to let him know what they are doing. I feel this it totally wrong and unfair after so many years of being a good customer. Thank you Consumer Reports for making us aware of the slime balls that are trying to take our hard earned dollars.
Folks, send your credit card companies packing if they do this to you. You have the power. I ended my email to Citibank by notifying them that I have fired them. Please do the same. They would not hesitate and do not hesitate to do it to you.