If you're concerned about your credit score, it may not be a good idea to cancel a card, especially if you're had it for a very long time. That can have a negative impact on your credit score. Pay off the card and don't use it. If you pay off a credit card balance every month, it really doesn't matter what they charge for interest.
They do not care about the guy that thinks it through as you do, you are not the person they make their money on.
Deadbeat in the Credit Card industry is defined as a person who does not carry a balance.
Dr. Elizabeth Warren tells a story of talking with a group of Banking Executives concerning tighter requirements to obtain loans. Sort of what we are sorta having now. The theory of tightening up the requirements to borrow money so that only those who could pay it back were offered the money would cut down on problems. Many of the rank and file exec's in the room heartily agreed.
But then in the back a CEO stood up and quietly said. "I don't care if anyone ever pays back the money they borrow or pays on time. I make my money on the interest, fee's and penalties."
So, you can see, they could care less if they lose people like you. And also as you can see they are already figuring out ways around whatever legislation is cooked up.