Odysseas Papadimitriou has an informative summary of the likely effects of the credit card bill on his "Wallet blog" at cardhub.com, both the costs and benefits:

In short the credit card legislation will significantly change the way credit card companies conduct business. Relative to the current landscape and once credit card companies reach full compliance under the new law, consumers will see smaller credit lines, higher interest rates, higher membership fees and fewer 0% offers. Rewards offers will likely stay the same.

While the effects of the legislation we've outlined here may seem wholly negative, we strongly believe that the long term effects will result in a net benefit for consumers. This landmark legislation eliminates "gotcha" rate hikes and fees and will allow consumers to plan the selection and management of personal credit lines, without the worry of unforeseen surprises popping up along the road.