@Oleg Chetverikov: What the banks are reacting to are having some customers with high balances in relation to their credit lines and yet their payments remain the same. In 2003-2007 this may have been fine. In late 2008 and 2009 the cost of credit is much greater. If the same person has only been able to pay down a few hundred dollars from the balance when the times were good, how will they be able to make the same payments when the job market is weak and credit is tight? Think about it if you lent me money and I continually paid the minimum for 2-3 years and the balance only dropped by a few hundred dollars would you be willing to keep that credit line open to me when my hours may be cut at work or worse I could be laid off? When would you pull the plug? After all I already spent the money, now I am just keeping you happy with crumbs (minimum payments).

@FrankReality: You sir are one of the few people that make sense. It is always the customer's choice with whom they do business with. If a company changes terms or breaks the agreement then yes you can take your business elsewhere.

@Bon Jour, Pee Wee: Most people that are getting these letters are people who have about 85-100% of the available credit in use. The banks are worried these people are near their limit and may default. So they would rather change the terms have you opt out and basically close the account. Of course if you use the card you agree to the new terms. The other side to this is the customers that have 20-40K in credit lines but have not used their cards in a year or so. The banks would rather close these accounts and spread that available credit to a customer with a higher rate or a higher chance of using the money. I know this may not sound fair but since when is life? Remember when you got the card and it stated that "As required by law, rates, fees, and other costs of this credit card offer are disclosed here. All account terms are governed by the Credit Card Agreement. Account and Agreement terms are not guaranteed for any period of time; all terms, including the APRs and fees, may change in accordance with the Agreement and applicable law. We may change them based on information in your credit report, market conditions, business strategies, or for any reason." Basically they loan you money they make the rules.

@kman13: Technically once you opt out, your balance stays at the rate prior to the change in terms. This will also mean you can't use your card because if you do you are accepting the new terms.

It is both funny and sad that I used to see many people come in to a bank that I used to work at with "Certified/Cashier's Checks". When we would get them we would ask a few questions like where did you get this? What was it for? How do you know this person? Most people would get pissed and want the check cashed on the spot. Of course in most of these cases (unless you had the money in your account to cover the loss) there would be a hold placed to verify the funds. The surprising part was that we would get at least 9-10 of these a week and people would come in happy because they won the lottery they never entered or found an inheritance to someone in a country they had to relation with. It was greed on the scammers part but also with the "mark". I mean why would someone send me a check for a lottery in the UK and have me wire money back to them? i wonder when common sense was thrown out of the window....

I know that most people come here to either A. learn or B. complain, with that being said, when you opened your accounts I am almost 100% sure that you got the fee schedule and account agreement. This tells you EXACTLY what the bank will charge you for. The real problem here is being held accountable. If you are going to trust a company to handle your finances inform yourself on how they will handle your purchases, deposits, what fees are involved, etc, etc...By reading and understanding what you are getting into should pretty much mean that you know how to avoid any and all bank fees. If there is anything that troubles you keep asking until they ease your worries. Most banks want to build a lifelong relationship. This means they want you to come back for credit cards, lines of credit, auto loans, home mortgages, HELOCS, and investments if they offer them. Banks are highly regulated so they must adhere to standards set by the government or they will lose their charter. The customer also must bear responsibility with how they handle their account. When the dr gives you a prescription and you choose to take one too many pills is it still the drs fault or is it yours for not following directions? The same logic can be applied to bank and credit accounts.

I always like to know the rules of the game before I play it.

@TheBitterFoodie: Always remember that any purchases made after 5PM on Friday, Saturday, Sunday and Monday won't post until Monday night. So you can always deposit first thing in the morning on Monday and those purchases would be covered. (This may not apply to all banks but I know BofA, Wells, and WaMu do process their debits and credits this way.) These banks process credits before debits by law.

@WylieLa?rts: That seems logical but why would you buy Starbucks when your mortgage drained your account? I used to work for bank that shall remain anonymous and you would be surprised with how many people would come in having no clue what their available balance is. The problem is most people get "swipe happy" and never log their purchases. Then there are also banks that take forever to make that info available online (tisk tisk WaMu). The best way is to save your receipts, and have some sort of logging/ tracking sheet (think check register) and you can avoid paying the banks anything. If you know that on 1-20 you had $1000 and on 1-21 your mortgage came through for $995, Don't go and get your $6.95 coffee on 1-21 as well. Then again you can only lead a horse to water.

This is normally called a Change In Terms. This applies to any and all credit card companies. WaMu, Wells Fargo, Citibank, and American Express have all done this recently. They are required by law to inform you of any term changes. This gives you the option of accepting or rejecting the new terms. If you reject the new terms you keep your rate but if you use the card it means you have now accepted the new terms and yes the rate will go up. When you apply or get your card you do get a paper that states all the Terms & Conditions. This is in black and white. One of the lines in there state " We may change them based on information in your credit report, market conditions, business strategies, or for any reason." The key phrase is FOR ANY REASON. This is a risk you take if you are using someone else's money to make your purchases. Most companies will give you 20-25 days to pay back with interest being charged, If you are late then that company will charge you a late fee and or take away any promotion. If you don't like the terms then stop borrowing money and use your own. But then again how many of us really have 6 months of our salary saved up in case of emergencies...

@tundey:
1. There was a picture when the sale was on.

2. Seeing that the iPod has been out for 7 years and they have ALWAYS shipped with white earphones, why would this one come with a black pair?

3. Research- She/He can always research a product to see if the specs, colors, battery life, etc... will live up to his/her standards.

4. Read the disclosures on the website:

Will I receive customer support like I'm used to?
No. Well, not really. If you buy something you don't end up liking or you have what marketing people call "buyer's remorse," sell it on eBay. It's likely you'll make money doing this and save everyone a hassle. If the item doesn't work, find out what you're doing wrong. Yes, we know you think the item is bad, but it's probably your fault. Google your problem, or come back to that product discussion in our community and ask other people if they know. Try to call the manufacturer and ask if they know. If you give up and must return it to us, then follow on to the next FAQ entry.
How do I return a defective product?
Unless we specifically tell you not to, call the manufacturer of the product you bought. You will likely get a replacement of a new model or better item from them. If we still haven't dissuaded you, email rma@woot.com with your woot order number, the name of the product you are returning, and the detailed problem with the item. We will respond with return authorization by the next business day. Because we aren't likely to have a replacement in stock, you should be prepared for a refund-only option if that's all we can do. Know that return freight will be at your expense. Again, you will probably get a better deal from the manufacturer, or whoever else handling member service for that product.

5. No one "forced" him/her to buy a matching black pair. This was a personal choice. Much like the personal choice to buy the iPod on Woot in the 1st place.

In other words most people on this site are just telling this person to grow up, be responsible, and accept the purchase that he/she engaged in. Whatever happened to personal responsibility in this country? Why must it always be someone else's fault? The buck has to stop somewhere, God forbid you would ever do anything wrong.