Summary
Vanderbilt University researchers report that implementing President Donald Trump’s proposed 10% cap on credit card interest rates could save Americans about $100 billion annually. Their analysis shows banks and credit card issuers could remain profitable—especially if they trim some rewards—thanks to revenue from merchant interchange fees. If rates were capped at 15% instead, Americans could save roughly $48 billion, while banks would likely continue offering perks like points and airport lounge access. Lawmakers, including Sen. Josh Hawley, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez, have introduced legislation mirroring the proposal. The current average credit card rate stands around 21%.
ABC News
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