* Obama says seeks end to "abusive" rate increases

* Obama says credit contracts must be in plain language

* Obama says wants legislation "very soon"

* Obama wants "plain vanilla" credit card (Updates with details of meeting, ABA comments)

By David Alexander and John Poirier

WASHINGTON, April 23 (Reuters) - President Barack Obama urged U.S. credit card company executives on Thursday to stop unfair rate increases and be more transparent and accountable, tapping into popular outrage over abusive lending.

"We want to preserve the credit card market but we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with," Obama told reporters after a White House meeting with 13 executives from top banks and companies that issue the cards.

The credit card issue could be a political winner for Obama, with many Americans saying they are angry over lending practices.

Obama said he wanted new legislation being considered by the U.S. Congress to protect consumers against unfair rate increases and ban "abusive fees and penalties."