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What Could a Credit-Card Rate Cap Mean for Your Wallet?
President Trump’s call for a cap on credit-card interest rates could save Americans billions in interest, but also tighten access to credit. Personal-finance reporter Veronica Dagher explains more:
A: The president didn’t offer any details on how the one-year cap would be enacted, but said he wanted it to begin on Jan. 20. Credit-card issuers are already pushing back, saying it will hurt the people it is intended to help.
Credit-card interest rates average around 23% and haven’t been below 10% in data going back to 1994. People with lower credit scores can pay rates of up to 36%.
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