Fred Harteis News Articles - Congress is holding hearings on legislation that aims to reform credit card industry abuses. While consumers may not see protections anytime soon, here are some top tips on how you can fight back now against credit card fees.

Watch your interest rate
Credit card companies reserve the right to change your interest rate at any time and for any reason.

If you make a late payment or go over your limit, your credit card interest rate could skyrocket to over 32%. And despite the recent spate of Federal Reserve cuts, some of the more popular cards have barely budged with their variable rates according to Bill Hardekopf of Lowcards.com.

Pay attention to your mail and notices from your credit card company. You may be mailed a notice of a rate increase and being given the choice to either close the account, or keep the card with the increased rate.

You'll have to write an opt-out letter if you want to close the account. Keep in mind, there is no opt-out form, you have to write your own letter.

"Be sure to send it by certified mail," says Hardekopf. If your opt-out letter is not received, your credit card company may automatically increase the rate.

If your rate increases, call and ask for a lower rate. If you have a good credit score and good payment history, don't accept the rate increase. You can negotiate.

If they don't lower your rate, then it is time to comparison shop to find a lower rate card.

You may also want to check your credit report. It is possible that your rate increased because your credit score dropped. Look for errors that should be corrected, or changes that you can make to improve your score.

Source: Cnn.com

About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.