Credit card companies take advantage of consumers every which way but loose and things are just getting worse in advance of new regulations that will go into effect soon in hopes of curbing some of their worst abuses.  Anyone who has been the victim of unjustified rate increases, credit limit clawbacks and cancellations without warning know this to be true.

But for a great synopsis of the many ways that banks are looking to rob you blind right now, read this article from the Business Insider: 10 Ways Credit Card Companies Are Still Screwing You.

Some of the things they are doing are obvious, some downright insidious.  Here’s a quick rundown of how credit card companies are raping and pillaging their way through the down economy.

1. Raising rates
2. Jacking up penalities
3. Closing accounts and lowering credit limits
4. Increasing fees for cash advances and balance transfers
5. Hiking annual fees
6. Manipulating how rates are calculated
7. Redefining contract terms
8. Cutting rewards
9. Creating new fees
10. Closing accounts without notice

Many Debtbeat readers have been the victim of many of these moves – even from the same company! Even people with good credit and low balances, or no balances, are seeing their card companies squeeze them for more and more profit. Shopping around for new cards doesn’t seem to do much good as so many companies are adopting the same tactics. And since adding inquiries from new companies lowers your credit score, it’s almost a catch-22.

It seems that now one of the best approaches for those who have been unfairly hit by charges and changes in the terms of their credit card is to try shaming the company into submission. Write a daily letter to the CEO, go on YouTube with your story, get an op-ed in the local paper and call them out by name.

Any other ideas? Leave us a comment.

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