Is this the end of free Credit card rewards?

NY Times | Credit Card Industry Aims to Profit From Sterling Payers

So Congress just passed a bill to limit credit card companies from charging ridiculously high interest rates on people who can't pay their credit card bills. So for the people who never got a clue on how credit cards works, these banks usually charge higher interest rates on people who don't pay their bills on time; if they didn't pay on time because they don't have enough money in the first place, this interest hike would get higher and higher as the days go by in a vicious circle driving people into bankruptcy, while the rich banks get richer at the expense of the poor. Now that's the view of sympathy with the poor; but from another view point, these people might just be irresponsible people who borrow money viewing it as free lunches. Either poor or irresponsible people, congress is moving in to protect them. As this takes away a huge chunk of revenue from the banks, they now turn to charge fees on people who pay their card bills on time. They say that people like us, who not only pay on time, but also happily earn cash back or bonuses, don't bring in revenue, and should pay up for service.

Well, here's my take. I use plastic to avoid coins and change, and like it that my spending record is done for me. I use a specific card just because of the cash back, from which I just got a notice for the cutting back of cash back. I liked it when there is cash back, but I can live with out it. Credit cards are a convenience, not a necessity for us penny pinchers. Charging fees from this group of consumers would be much harder then from irresponsible people or people who really need the credit to borrow money. Once you throw away the benefits and introduce charges, it's time to say good bye. It's a free market, we can always look for other credit card companies, use debit cards, for fall back to cash. It is until then, we will see who needs who more.

This is a country of greed, big greedy corporations trying to squeeze out whatever's left out of the middle class and the poor. In a twist, this economic crisis is a nice punishment to the greed.

Update: Here's the details:
NY Times | Dealing Consumers a New Hand in Credit Cards