(Colin)Earlier this week, American Express announced that it would be raising annual interest rates on more than 1 million accounts, leading lots of people to ask if this could happen to their credit card — and what they should do about it. Credit card companies are indeed allowed to raise your APR, but the CARD Act of 2009 includes pro-consumer restrictions that prevent sudden and retroactive rate hikes for cardholders in good standing and gives them the option of closing your account without penalties. NO SUDDEN RATE HIKES While the CARD Act allows to hit delinquent customers (those who are at least 60 days behind on payments) with a higher penalty APR, cardholders who are continuing to make payments must be given 45 days notice in writing before a rate change.