By a 90-5 vote, the Senate just passed legislation aimed at blocking credit card companies from "arbitrarily raising an individual's interest rate and charging ... exorbitant fees," the Associated Press writes. Passage was a foregone conclusion and the House has already approved a similar bill. President Barack Obama supports the measure too.

As we noted this morning, The New York Times reports that the card companies may try to make up for some of the revenue they stand to lose by charging their best customers — consumers who always pay on time — higher annual fees and other charges.