...to 10%. I strongly disagree. There is a reason for the high rates. The cards are the credit of last resort for many and the default rate is higher than many other forms of credit. Also, unsecured debt such as credit cards justify a high rate.

The result will be fewer perks to low-risk users, fewer cards available to higher-risk users and a push to keep the "swipe fees" high.

The expected unintended consequences of limiting the rates will be very real. In my opinion it isn't the government's business to regulate those rates to begin with.