The long-awaited consumer credit protection laws known as the CARD Act go into effect today. While it’s no Fourth of July, today should be remembered as the day when more Americans became liberated from onerous credit card rate hikes and other sleazy bank practices.

Some of the major changes you’ll notice include:

1. Easy to read statements that clearly show finance charges and how long it will take to pay off the balance when only the minimum payment is made
2. Credit card companies can’t generally increase your interest rate in the first year that you have a card
3. No over-the-limit fees unless you opt-in to allow those transactions in advance
4. Some interest rate hikes will apply only to new charges, not existing balances and
5. Students and other people under the age of 21 who had been a cash cow for credit card companies will now need either a co-signer or evidence that they have enough income to make monthly payments

But just like the Declaration of Independence and Revolutionary War failed to provide a full measure of freedom to southern slaves and Native Americans, there are more than a few loopholes that still allow card companies to take advantage of their customers.

These include rate hikes for variable rate cards and those with promotional rates, major interest rate increases if two payments are missed (i.e. you are 60 days late) and hefty penalty fees. You’ll also start to see more inactivity fees charged for customers who don’t use a card and don’t carry a balance.

But this is a start.

The new regulations look to save consumers biliions in interest charges and fees, and you can bet the bank that credit card companies will use every opportunity and dirty trick to recapture that lost revenue.

So you’ll still need to stay vigilant and recognize that no matter how favorable the new laws are to you as a credit consumer, the best bet is to get out of credit card debt.