In late June, we saw an opening salvo from Chase:
LA Times: Chase Increases Minimum Payments
And now JP Morgan and Bank of America are switching their fixed-rate card offerings to the variable-rate variety:
Bloomberg: JP Morgan, BOA Adopt Variable Rates
Same basic story in this one, again from the LA Times:
LA Times: Credit Card Firms Try End Run Around New Fed Rules
My first thought? Mostly, it's that if you didn't see this sort of bank tomfoolery coming, then you haven't been paying attention.
According to the second LA Times article above, Chase is doing the variable-rate thing as well. (What self-respecting Banking Mega-Conglomerate would allow its Bailout Buckz brethren to outdo it in the credit-card reform realm? None, is what I'm thinking.)
So here we go, kids. The credit-card rules revamp — sure to be a fun time all around — starts now!