Credit Card raising interest rate 8%!!! Is it legal?

Hi folks,
Just found this site. Really cool. I just found out that my credit card company just raised my interest rate by 8% over the last 2 months. They said because of my high balance and how much I'm owing on there. They said every credit card company is doing this. Why is this legal. Do I have any recourse?

[ALawyer]

Unfortunately they usually do in the tiny print they always send you. It probably gives them the right to take your first born.... But a lawyer would have to read the works carefully.

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As a former employeeof bank One/ First USA, let me let you in on what they can do. On the initial application, or card member agreement, in the small legal size print, they state" Terms can be ammended at any time" That means the banks can change your rate at any time. The usual reasons they do is a high credit to salary ratio, low credit bureau scores (Which are provided evey 4 months to everyone you have credit with) If the banks percieve a risk on the outstanding debt you have with them, the interest rates can go up as high as 26.99% Late payments, even by a day can penalty price your account and raise the rates extremely high. If you have another card with available credit that you could shift the balance to, I would do that if the interest rate is lower, most of the time when the entire balance is paid off, the back comes back to you with a offer of 3.9 for 6 months and 9.9 thereafter, but only on the amount you transfer back, not on new purchases. Play the game right, and you can avoid the higher rates, also make sure your credit reoport is correct, you are entitled to get one free copy per year under the fair credit reporting act of 1970.