Have you received a letter from your credit card company? Sometimes we toss these out, thinking they're just advertisements for card services or prescreened offers of credit. But you should open everything your credit card company sends you these days. It might have important information about your account.
Times are hard, and even banks are wary of lending to one another. With little available credit and record levels of default, many credit card issuers are trying to do whatever they can to recoup their losses.
Many times, the letters they send you will contain information about your credit limit. Namely, it might decrease significantly and with little warning. You don't even have to be a delinquent borrower to experience this effect; if you're considered a credit risk for any reason, your limit could plummet – and take your credit score down a few notches as well.
Letters from your credit card issuer might also contain amendments and changes to your cardholder's agreement. Credit card companies reserve the right to make changes when they deem necessary. For the convenience of carrying a credit card, we have to agree to those terms. Still, it can be frustrating when your fees and interest get hiked for no good reason.
Old-fashioned negotiation is one way you can fight back against unfair changes. Talk to a supervisor and ask them to work with you. (Note: this only works if you've been a good customer.) You can also keep a variety of cards, and transfer your balance to more favorable ones when terms get tough.
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