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Trump's proposed credit card interest rate cap could curb access for millions of Americans: report

On HALO

3 weeks ago

President Donald Trump's call for a 10% cap on credit card interest rates could impact access to credit cards for many American consumers while also impacting small businesses.Trump on Friday declared he wants to impose a 10% cap on credit card interest rates to be implemented for one year starting on Jan. 20, saying he wants to prevent consumers from being "ripped off" by credit card issuers with interest rates that may exceed 20% for some borrowers. The president's proposal follows the introduction of a bill last year by Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., that would cap cre...