This is certainly a good first step in the effort to curb insane credit card practices.  There is a lot left to do on this front however:

A bill to curb sharp practices in the credit card business was on track for approval by the U.S. Senate as early as Tuesday, with President Barak Obama expected to sign it into law before the end of the month.

Enactment of the legislation would mark the crest of a political backlash rising for years against the card industry amid sudden interest rate increases, hidden fees and aggressive marketing programs that have angered consumers, analysts said.

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The Senate bill would limit, but not prohibit, card issuers' ability to raise interest rates on existing balances.

It would require 45-day notice of most rate increases; limit rate increases for new and promotional-rate accounts; prohibit certain kinds of fees; and bar extension of credit to consumers under the age of 18, with narrow exceptions.

In addition, the bill would require more disclosure of the terms of card agreements; require periodic review of a cardholders' interest rate and open the possibility of lowering it if warranted; and direct the Federal Reserve Board and other regulators to write more detailed rules.

The bill does not include a cap on interest rates, as some lawmakers wanted. Nor does it bar lenders from issuing cards to college students, although that is limited under the bill.

Limiting credit card companies from arbitrarily raising your interest rate is a good thing.  However, the provision that would have immediately given the consumers the best benefit was not included in this bill.  Putting a cap on interest rates would have ended most, if not all, of the games the credit card industry plays.  If there is a law saying no interest rates higher than 15% then all of those clauses in credit card contracts you need a microscope to read become unenforceable.  So this bill is a good step, but not the last.