Are instant Credit Card offers becoming a thing of the Past?

What Credit Cards(CC) are we talking about here? Ever come across over jubilant salesmen who offer you an extra 3-4% OFF on your cart if you register for the in-store credit card.
Yes, there is speculation that these credit cards would become a thing of the past this Feb.2010. The reason being that after the worldwide credit crunch, credit card law has been reformed, credit card issuers have become more careful in giving out Credit Cards.
Now, before instantly issuing a Credit Card upon request they check whether the applicant would be able to pay-off the loan in the required time. This reform in the law has been met with the retail world uproar, criticising that the new guidelines would kill their flourishing instant credit card issuing business.

However The Federal Revenue Board(FRB) believes in learning from history's mistakes and wants to play safe this time around because it does not want another collapse in the banking industry at the end of the decade.