Review your credit card statement

• Review your credit card statement carefully. Check to see if you were charged a fee for paying late. If you have never paid late, call the credit card company and inform it of this. Make sure that you inform your credit card company of your problem within within 60 days. If the credit card company is at fault, request that the card company reduce your interest rate.
  
  

Call the card company and Credit Card Act of 2009

• Call the credit card company and ask them why the rate was raised.
  
  According to the Credit Card Act of 2009, under new credit contracts credit card companies must give at least a 45 day notice before they raise your rate. The Act was implemented to help reduce unfair practices by credit card companies.
  
  Become knowledgeable of the Credit Card Act of 2009 learning what credit card companies need to do in regards to informing card holders of interest rates. For the most part, the law takes in effect February 2010. Some elements of the Act goes into effect at various times.
  
  Effective August 20, 2009, credit card companies are required to let you know 45 days ahead of time before they make a rate change. Also what took into effect on August 20,2009 was that the credit card company must tell the card holder of their right to cancel the card before a rate increase.
  
  Discontinue use of your increased rate credit card and close the credit card account. Pay then the outstanding balance on the credit card account at your old interest rate. You will be allowed under the Credit Card Act of 2009 to repay your outstanding balance at your old interest rate.
  
  Effective August 22, 2010 card issurers are required to review interest rate increases as far back as Jan. 1, 2009.
  
  Know the law regarding introductory rates. Effective Feb. 22, 2010 credit card holders must be clearly informed of introductory rate guidelines and are required to not increase the interest rate until after the advertised period, which should be six months at least.
  
  

Balance Transfer

• Transfer your balance over to a credit card with a rate that is lower. Look for other credit card offers that offer zero percent balance transfers.
  
  Some credit card companies offer zero percent balance transfers during a promotional time period for instance there will be a zero percent rate for six months and then the rate will change to the company's regular rate after six months.
  Open up a credit card account that offers zero percent interest on balance transfers.
  
  Make sure that you know when the promotional period ends.
  
  

FTC Complaint

• Take further action, if you feel that a credit card company has unfairly raised your rate after you have investigated that you have not made late payments or you have not gone over the limit. File a complaint with the Federal Trade Commission (FTC). The FTC protects consumers and gathers complaints about alleged poor business business practices.
  
  You can file also a complaint if you suspect that someone has stolen your identity and used your credit card resulting in your credit card to be over the limit.
  You can file a complaint on the FTC website at ftccomplaintassistant.gov/.