correction

9/03/08 My effective annual percentage rate was 5.91%
10/03/08 My effective percentage rate was 5.91%. The fixed APR was 7.99%
Last request was 19.99% with the option to either accept or the account will be closed.
My answer to them was verbatim: "I,......will not accept your APR changes. I will pay my debt in full, on time, as usual. Enclosed is my cut card. Please close my account.
I enjoyed doing business with you but cannot afford higher interest rates".,
I sent my letter certified on 1/13/09.
Received answer to my request on 1/27/09 Verbatim.....Please accept this letter as confirmation that your account will not reflect the changes in terms that you could chose not to accept. We have closed your account at your request and it will remain subject to your current terms, including. if applicable, penalty annual percentage rates (Apr's) and fees. Please refer to your card member agreement and subsequent change in terms notices, which may amend your card member agreement. from time to time, for details of your account terms."
I always thought an agreement was between two parties. How can a bank change agreements from time to time without the approval of the second party involved?
I was compelled to either pay more or lose the account.
I thought we lived in a democratic country in the USA.