Over on the SavingAdvice forum, a user relayed his experience with a Citi credit card as they move to increase his interest rate.  He currently has a balance transfer rate of 5.9%, plus an ongoing purchase rate at 5.9%, both of which expire in about 2 years.  These are good rates.  Too good, apparently.  Citi sent him a letter, noting that with the hard economic times, it has become necessary to raise his rate to 14.9%.  As with all of these offers, Citi allows him to reject the rate increase by closing the account. In that event, he continues paying the debt under the current 5.9% terms, but can no longer use the card.  As this person investigated options by talking to Citi directly, he found that even if he decides to close the account, Citi will later offer to "re-open" the account as he approaches the 2 year point.  So, as long as this user isn't relying on the card for ongoing purchases, it makes perfect sense to opt out of the increase, close the account, and continue paying the debt down at the attractive 5.9% interest rate.