Bad news from Chase

Waiting in today's mail was an "Important Change in Terms" notice from Chase Bank, addressed to my husband. The contents: 

We're sending you this notice to advise you of some changes to your credit card account. These changes will take place automatically and will be effective with your August 2009 statement.

Your minimum payment due will increase from 2% to 5% of the ending balance on your monthly statement but will not be less than $30 unless your total balance is below $30. The principal factors we considered in increasing the minimum payment due include the current APRs and revolving balances associated with your account. 

There was nothing on there about being able to "opt out", and the Chase customer service representatives are saying that affected cardholders do not have the option to reject the change in terms. Either pay it off now, close the card and have the 5% minimum payment, or keep the card open and have a 5% minimum payment. 

We have several accounts with Chase, and the particular credit card affected by this change currently has a balance of $17,543 at 5.3% APR. The current minimum monthly payment on this card alone is $358 - the new monthly payment will be $877, an increase of $525 each month! 

Thanks to the emergency fund, and some serious budgeting over the past year, we should be able to absorb the increased payment and stay current on everything as well. Unfortunately, it means that some of our other credit cards, with much higher APRs, will be paid off at a significantly slower rate. We also may need to re-evaluate some planned expenditures (including school) to decide what makes the most sense.