JP Morgan Chase to stop excessive interest rates...

From the recent Congressional hearings about credit card rates I read:

Levin's scrutiny of the industry has had an impact. JPMorgan Chase (Charts, Fortune 500) recently announced that the company would eliminate so-called double-cycle billing - which eliminates the interest-free period of consumers who move from paying the full balance monthly to carrying a balance. Additionally, it will no longer raise rates based on credit scores.

The day I see that I will stop posting on this site... I actually called chase to inquire about my 29.99 rate and I was told that they have no such directive. I guess they WILL do it in the future but not now as they have to suck up the sub prime debacle..

Congress to examine credit card rate hikes

Finally someone is looking at the predatory tactics of credit cards companies, Chase and the rest with their ingenious "default" schemes that allows them to charge rates of 29.99% at a drop of a hat...

Note also that Obama picked on it. I guess that there are so many people getting screwed that politicians smell votes... Here is the Obama article