Allow people to pay them off sooner. People with good credit are being charged a lot higher. There used to be usury laws in this country.
People with good credit can always get excellent rates. I’m curious, though...how will people feel when they can’t get credit cards?
More likely it will reduce the available amount of credit. Credit card rates take into account not only the bank’s profit target, but its cost of money and the risk it won’t be paid back. I understand the impulse to punish credit card companies, but the net effect is rarely (never?) that the credit card company is happy to make a lower profit. The obvious move is to reduce credit lines and to eliminate credit altogether for those who become delinquent.