Congress having passed, and President Obama signing new Credit Card regulation will guarantee you’ll be receiving more of those “Important Information Regarding Your Account” notices.
Failing to put a cap on rates charged means that the companies are only limited by the State cap in which they are based. Of course they choose to locate in the few states that have no cap on rates that can be charged. So they have from now till February 2010 to raise rates on existing balances.
No doubt they will.