So Chase gets to borrow $$ for next to nothing and Chase Credit Card Rate is 27%(not even default!)

[Blackhatjack]

THis is the worst kind of 'legalized loan sharking' and these guys given traditional loan sharks a bad name.

If Congress does not step in I guarantee you they will jack rates up to 40% APR.

And this is after they took all the taxpayer billions to bail them out.

It is clear they are trying to drain the last drop of financial blood from the decimated middle class before it draws its final breath.

[Vinnie From Indy]

1. amazing huh?

[ixion]

2. yeah, most of them are pulling that crap

it is infuriating.

[BeHereNow]

3. Breath taking, isn't it?

There appears to be NO end to the outrageous pillaging of our country.

BHN

[Scipio the Elder]

4. China wants their money back

Come Hell or high water, they will have it.

[Blackhatjack]

5. BTW Jamie Dimon CEO of JPMorganChase Earned $19,651,556.00 Total Compensation in 2008....

Do you think that Mr. Dimon would be raking in the millions of $$ if interest rates had not be raised to usurious levels?

[Nikki Stone1]

6. Welcome to the Bankster States of America

:(

[Blackhatjack]

7. Oh well, I predicted credit card rates up to 40%... so I missed it by 39% (NOW 79.9%) LINK

http://www.huffingtonpost.com/2009/12/17/799-percent-interest-cred_n_396191.html

"It's no mistake. This credit card's interest rate is 79.9 percent.

The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules.

Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card's credit line.

In a recent mailing for a preapproved card, First Premier lowers fees to just that limit – $75 in the first year for a credit line of $300. But the new law doesn't set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent."

MORE

[Blackhatjack]

8. And this is just the beginning of the 'loopholes' the credit card companies will use to circumvent..

... the new credit card law to take effect in Feb.

IF the new credit card law were a boat, it would be resting on the bottom of the sea.

[Still Waters]

10. Outraged

How can this happen? Why was this ever allowed? Why didn't anyone defend the American consumer? And if this new law is supposedly credit card reform, what does it bode for health care reform?

[Blackhatjack]

12. More of the same I am afraid. In this case ....

the credit card reform law put a limit on how much the credit card issuer could charge in fees against an opening credit line --but the credit card issuer was not limited as to how much interest they could charge.

Just shows they are pirates of the first order.

[crazyjoe]

9. ya and if your stupid enough to sign up for that card

you deserve to get f****d.

[Blackhatjack]

11. Well, it was not stupid when the initial rate was 9.9% before going to 79.9%...

Some of these people who hold their credit card already paid a significant fee to obtain the card, but the benefit was an interest rate of 9.9%. Now that they paid up front, they have their rates go up 70%.

Don't always assume people are just stupid when it comes to credit cards.

[gmoney]

13. Chase is paying me 0.01% interest on my "interest checking" account

I don't think that's 1 percent... I think that is 1/100 of 1 percent. Cha-ching! Probably the rate closest to zero their systems can calculate.

[Blackhatjack]

14. So a couple of weeks ago Dimon is rumored to take over Geithner's job...

... can you imagine what he would do with direct power to take the consumers to the cleaners?

[Deja Q]

15. "trickle down"? Bollocks.

[RedCloud]

16. Who says robber barons are dead and gone?