Q I recently left my job, and my VISA credit card increased the interest rate on me. I have excellent credit and almost always keep my balance at zero to $500. I have no other consumer debt except my mortgage. I wonder if any company would give me a [lower-rate] card if I'm unemployed? My unemployment benefits are still up in the air, so I don't have any income right now. Is it worth my time to apply?

TRICIA

A Even though it flies in the face of common sense, my answer might have been a "maybe" several years ago. That's when credit card companies were sending out billions in customer solicitations. They were also increasing lines of credit with abandon. Those practices have been abandoned with the credit crunch and the recession. Instead, credit card companies are culling their customers, cutting lines of credit, and hiking rates and fees. In the current environment I can't imagine you'll qualify for a low-rate credit card now that you're unemployed.

I've gotten many e-mails over the past year about card companies raising rates on their existing customers, including those with a good payment history and credit score. It's annoying that the rate on your credit card has gone up. However, since you pay off your bill in full every month -- or end up with a small balance -- you're not all that exposed to the interest rate charged by your credit card company. Simply put, you pay little to no interest, so it's less of a financial worry. Of course, you might end up with a slightly bigger interest tab until you find another job.

When you do get a job I would look around for a lower-rate credit card with no annual fee. I see no reason to reward credit card companies that increase the rate on good customers at a time when overall interest rates are extremely low. Check out credit unions, community development banks, and other financial institutions when you're ready to see if you can get a better deal.

Chris Farrell is economics editor for American Public Media's "Marketplace Money." Send questions to cfarrell@mpr.org.