The banks are all bleeding money due to record high credit card default rates.  Compounding their problems is the Credit CARD Act of 2009, which once put into effect, will put restrictions on interest rate hikes for all credit card issuers.  To answer your question simply, the Credit CARD Act becomes effective in February 2010.  Between now and then, the banks are doing all that they can to shore up their books before the law becomes effective.  It’s not fair to consumers, but there will be some correction to these practices once the law becomes active.