Along with all the other rising taxes and fees that seem to be inundating consumers these days, some credit card companies have begun hiking credit card interest rates.

And that's a good reason for cardholders to review their interest rates, their habits and look for some money-saving advice with credit cards.

One of the rate increases that made national news recently was Citigroup raising rates on cards linked with other companies, including Sears. That was estimated to affect as many as 15 million customers when they do not pay off their balance monthly.

At the Hawaii Bankers Association, executive vice president Gary Fujitani said card issuers are required by law to notify cardholders in writing of any changes in terms.

The Credit Card Accountability Responsibility and Disclosure Act of 2009, enacted in late May 2009, sets out stricter rules for banks on changes they make to interest rates and late fees.

Fujitani said that means if cardholders do not like the new terms, they have the option to go to another bank as long as they pay on time and are not over-extended.

And they can opt out of paying the higher rate for the old balance, but would have to pay the higher rate on charges incurred after the hike.

For cardholders having a difficult time, they should contact the card issuer to make arrangements for a repayment plan. Most banks will work with a troubled borrower to set up a workable payment plan, Fujitani said.

And he said in the highly competitive credit card industry, consumers should shop around to find a card that matches their spending and paying habits.

"If you always pay in full each month, look at the annual fee and grace period along with features/benefits the card offers like a rewards program," Fujitani said. "If you sometimes do not pay in full, then focus on the annual percentage rate and how this rate can change."

Hawai'i banking specialists said this is a good time to remind consumers to review statements including all that paperwork with fine print that accompanies monthly bills.

"I think it's especially important right now for customers to be very aware of what is happening with their credit cards," said Peter Biggs, senior executive vice president at Bank of Hawaii.

"The whole country is going through some challenging economic times and people need to be very careful about their spending and monitor it closely," Biggs said.

He said people may go out for dinner and decide to get a cash advance on their credit card to pay for their meal. But Biggs said it's cheaper to charge a credit card most times.

For a cash advance from a credit card, "you're going to start paying interest on that cash advance right away," he said, and those fees are usually higher than the interest rates on a credit card.

Biggs suggests a debit card — which is the same as taking money out of a checking account — for people who have trouble controlling expenses on a credit card. "It will help them manage their expenses."

And he's a backer of signing up for automatic bill payments to avoid late fees. He said most companies offer options from a minimum payment to total payment.

"This gives customers some flexibility but ensures that a payment is made every month on time," he said.

"It's a built-in discipline for them."