Chase Jacking Up the Interest Rate on My Amazon Visa

Got the news today that my Amazon credit card is getting a big interest rate hike --- from the current 10.90% up to 14.24%, a raise of 3.25 percentage points. That's big!

I have the option to turn down this hike BUT if I do I can't use the card anymore. AND I need to use my reward points before rejecting the hike, otherwise I lose them.

I pay off my credit card every month, so I don't really care and I'll keep the card at the new rate. But many other people have been getting these notices recently, and they're not necessarily in the same situation in terms of keeping their balances at zero.

On Friday President Obama signed a new law that is going to stop card issuers from doing a lot of things like raising rates on existing balances or changing rates with like 5 minutes notice. That's good stuff, but I will guarantee you this: every person in American who holds 2 or more credit cards will see the interest rate go up on at least one of them. These card companies know how to take money --- tell 'em what they CAN'T do and they'll start thinking about what they CAN do to get the money flowing again.