Looks like there was a loophole in the recently passed credit card bill.  From the story:

Federal reforms that were touted as a way to stop banks from drastically raising credit card interest rates contain a huge loophole, according to an industry watchdog.

That loophole is allowing JP Morgan Chase & Co., Bank of America and other credit cards providers to raise interest rates on variable-rate cards, said Bill Hardekopf, CEO of LowCards.com, an Alabama-based industry watchdog.