- Discussion board

I have paid my credit card account on time for 16 straight months. I received my monthly statement this month to find the bank had increase the APR from 8.8% to 18.99%. When I called to inquire, they said it was because I had too many balances on other cards. This is true, I do have some high balances, but my credit rating is almost flawless.
Can they do this and what recourse do I have? Does anyone have any information on how to fight this slap in the face?

If you are paying on time you should not have your APR increased. I believe issuers can do this because your risk of default is increasing as your balances get larger, but you can always transfer your balance elsewhere.

Also as this is a change in the contract terms from original issue of the card, I believe you should have recieved written notification of the change mailed from your credit grantor and been given the option to opt out of the change in term, freezing you at the current rate but also this closes your account