10 Percent Credit Card Interest Rate Cap Act
Rep. Ocasio-Cortez and Rep. Luna Introduce Bill to Cap Credit Card Interest Rates at 10%
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Financial Services for review. It is considered active, but no further hearings or votes have been scheduled at this time. There is no companion bill currently associated with this legislation.
Legislative Progress
Even with high profile support from both parties, the banking industry will fight hard against a 10 percent cap because it is much lower than current market rates.
Key Points
Impact Analysis
Personal Impact
Life & Work
Homeowners who carry credit card debt would see their interest costs drop sharply, potentially saving hundreds or thousands of dollars per year. However, lenders may tighten credit standards or reduce credit limits in response to the cap, making it harder for some homeowners to use credit cards for home-related expenses or emergencies. The net effect depends on whether an individual carries a balance.
“The annual percentage rate applicable to an extension of credit obtained by use of a credit card may not exceed 10 percentage points, inclusive of all finance charges.”
Disabilities
Activities
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
10 Percent Credit Card Interest Rate Cap Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.