Dr. Carin Van Gelder was furious when she opened her credit card bill and found out the interest rate on her MasterCard had suddenly shot up, even though she always pays on time.
She says, "It went up to almost 20% and there was no reason. I couldn't imagine why there was a reason."
The Consumer Reports National Research Center survey found a high rate of credit card complaints. 14% had their credit limits lowered recently... 29% were hit with new fees or penalties, and 38% said their interest rates had been hiked.
Kim Kleman with Consumer Reports says, "Our survey found that fewer people are satisfied with credit card companies than with almost any other service we access."
After several hours on the phone and threatening to cancel the card, Dr. Van Gelder successfully got her interest rate back down to 12%.
Kleman adds, "Calling up and complaining can be very effective. According to our survey, about half of the time people got at least some of what they wanted."
If negotiating doesn't work, look for a card with better terms.
Consumer Reports says you can often find credit cards from professional organizations, such as teacher's associations, from credit unions, and from community and regional banks.
Kleman says, "There are now often one time fees on balance transfers, so before you switch to a new card make sure you check that."
And also check if the new card carries an annual fee. That kind of charge is making an unwelcome comeback.