Bank of America recently announced interest rate increases, even for responsible card customers some people reported new rates as high as 28%! And the bank didn't make it easy to object.

To decline the rate hike, the bank required card holders to write a letter agreeing to stop using the card and pay off the existing balance at the old rate, according to news reports. They couldn't telephone, nor did Bank of America provide a form or a return envelope to help meet the short deadline. If the company didn't get a quick response, rates would automatically rise.

Bank of America is not the only bank to hit card holders with high rates and fees. Banks get to raise your interest rates, as well as the fees they charge for most services, because fine print clauses in your credit card contracts allow it. They don't even have to tell you why they did it.

As the economy softens, some Wall Street analysts believe that big banks want to make up their investment losses by raising rates to good credit card customers.

A bill proposed in Congress would help rein in that practice and limit other "gotchas." The bill would protect cardholders against arbitrary interest rate increases; hidden interest charges, due date traps and more.

*Information from Consumer Reports.