Does your credit card company want to keep you as a customer?
You've had that credit card for years. It has a pretty good interest rate, and you have been paying above the minimum monthly amount owed as often as you could. Yet inexplicably the company raises your interest rate and lowers your credit limit to just above your balance. The company does not even bother to give you sufficient notice they lowered your limit and you risk facing penalties for exceeding that new limit, which not so coincidently is right above your outstanding balance.
So what should one do? After deciding whether you want to continue to do business with this company, the next step may be to complain to customer service about the change. If you have been a good customer, essentially holding up your end of the agreement you should call customer service and insist they lower your interest rate back down, and restore your credit limit. You have the power to cancel the card and take your business elsewhere and that is a strong negotiating tool.
Put the ball into the credit card company's court and say you should decide between keeping a good customer or losing a good customer. As consumers we have a choice of who we do business with and maybe it is high time some of those too big to fail companies felt a little push back from their customers so that maybe they will realize customers are too important to abuse.
It is not as if it is wrong to expect the company you do business with to adhere to the terms of its contract regardless of whether it reserves the right to change those terms at any time.