As long as you pif, the rate is no problem. Buy a cup of coffee every few months, allow your score to improve and the credit crunch to go away 
I have enjoyed an extremely handsome rate with Citi for much longer than I should have, I have to admit (7.74%). I do not want to close the account, rejecting the rate jack, but I am not sure I can afford not to. I didn't get a raise or a bonus, which doesn't surprise me...a sign o' the times for us all. I love my Citi and would love to keep it and may call to discuss with them. I should have dumped the crummy WAMU when they rate jacked me!!!! That's the one I could do without.
@joiedevivre wrote:Hello,
The same thing happened to me with my two Citi Cards amd I have never been late. The weird thing is that they gave me a credit increase without my asking for one ($9,100) and that was supposed to be for my great credit history with them. One will now be at 19.99% and I cannot opt out since that is my oldest credit card. (2002) The other one I decided to tell them I would opt out since that one does not expire until 2011 and I could always call them back and decide to accept the terms (12.99%) My fico score is over 680 the last time I checked and I have 9% utilization. Any advice?
Did you call and complain about the rate increase? I did and they not only reversed the increase, they lowered my rate by 1.25%. I'm now at 6.74, with the recent prime rate reduction. Evidently, many people have had similar experiences.
I do believe that the average credit card customer simply doesn't know enough about the system. For example, my dad was irritated when he saw a notation on his bill, highlighted in pink, that said he had "48,000 points." He thought they were trying to pull a fast one. He was amazed to learn, upon calling customer service, that these were GOOD points, and worth nearly $500 in gift cards to various vendors.
As another example, my husband just got a check for $8.75 in his most recent HSBC card statement. The back of the check indicated that, once endorsed, he would be enrolled in a program that pays 2% cash back, up to a maximum of $100 per year, for purchases. The program, however, costs $59.99 semi-annually. So, you can pay $120 a year to TRY to get back $100. Sadly, I think that far too many people just sign this type of thing without reading or doing a little math.
I think credit card companies bank on that happening, and I think this rate increasing is another example. If just 50% of the people who get the notice do nothing, then the company makes a ton of money. So, it's not that big of a deal to reverse the increase for the few who have the gumption and knowledge to call and complain.
Bottom line: CALL CITI! 
