No, first of all, it would be the beginning of the end of the travel rewards earned through credit card churning! This has nothing to do with other types of travel rewards earning.

Second, I'll believe that when I stop posts from people saying they're 33/24 or "LOL/24". If it had really cramped down that much, you'd think there's be very few of those people left applying for more than a dozen cards every year.

Plus, each bank has its loopholes, so those have to end first, don't they? Chase's 5/24 doesn't count business cards (because they only look at personal credit reports). Citi mailers generally don't have 24-month language, so you can apply for them about as fast as you get them (and people have figured out how to get them really quickly). Amex's once-in-a-lifetime policy does not apply to upgrades that give bonuses nor to certain targeted signup offers with bonuses.

And then there are those people who don;t churn but instead MS like there's no tomorrow. But eliminating that option completely would take separate actions on completely separate fronts (from anti-churning actions).