We’ve seen the Chase Ink credit card that has been promoted for the last year or so. Apparently, they found a loophole in the new credit card legislation that was recently passed, the Credit Card Accountability and Responsibility and Disclosure Act of 2009, or Card Act as it is known.

Apparently the legislation was written in a way to make exceptions for what were termed “ professional cards ” – business credit cards that have historically been targeted at small business owners. Aside from the unethical practice of allowing the banks to still prey on small business owners in the same fashion that regular consumers were just protected from, it appears that there is nothing that prevents the banks from issuing these cards to non-business owners. Enter the Ink Card From Chase and a massive marketing campaign behind it targeting anyone that wants to apply

{In the first quarter of 2010, 47 million “professional card” offers were mailed out, a 256% increase from the same period last year, according to research firm Synovate}. Since the Ink Card From Chase is classified by Chase Bank as a “professional card”, none of the new rules apply so they can still financially rape consumers with 29.99% interest rates, raise rates on a whim, apply new APR’s to prior balances, etc.