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Despite several new and stylish features offered by credit card providers to tempt consumers, the most popular is still 0% interest on balance transfers. Even though it is one of the most common features to be offered, 21 per cent of participants listed 0% interest on balance transfers as the most important feature to come with a credit card.

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According to new research from Abbey Credit Cards, approximately 6.5 million people in the UK will switch credit cards this year; five per cent higher than last year's figure.

The number of credit cards available offering consumers fee free balance transfers with a zero per cent interest free period is on the decline, cardguide.co.uk reveals.

I am hoping that since you believe strongly that you did indeed opt out of your card's rate increase that you kept copies of the letters informing your creditors that you wished to opt out and have corresponding receipts that prove the letters were received. If not, you might be up that proverbial creek without a paddle. Armed with the ammunition of your receipts and letters, I would contact your creditor again and explain that you have proof that you met the requirements for opting out of a rate increase. If you still get no satisfaction, you have several options: Transfer the balances on your cards to another credit card. If you decide to do this, read the cardholder agreement carefully to assure that you are not jumping out of the frying pan and into the fire.

Secure a loan from your bank or credit union and pay off the balances on your credit cards. An installment loan from your bank may have a slightly higher interest rate than what you are currently paying, but the terms will not change for the life of the loan. Go up the chain of command ladder when you call your creditor until you get to someone who can make decisions regarding your account. Let the person know that you are aware of your rights as a cardholder, that you have proof that you opted out of the rate increase and that you plan to report the company to the Federal Trade Commission if it moves forward with raising your rate. You are not the only one to complain about the practice of re-pricing an interest rate.

Regulators and legislators both have the practice under review. In July, a House committee passed the Credit Cardholders' Bill of Rights. The bill is expected to be heard in the House when it reconvenes in September. Among the items the bill addresses is the practice of many card issuers retroactively increasing interest rates. I predict many consumers and interested parties will be following this legislation with eager anticipation. In addition, The Federal Reserve, Office of Thrift Supervision and National Credit Union Administration have submitted proposals to increase regulation of credit cards. The proposals include prohibiting a rate increase on an outstanding balance, except under limited circumstances, such as when a minimum payment has not been received within 30 days after the due date. Take care of your credit!