Legislators from the right and left have introduced legislation that would make one of President Donald Trump’s campaign promises come true.
“We’re going to put a temporary cap on credit card interest rates. We’re going to cap it around 10 percent. We can’t let them make 25 and 30 percent,” Trump said during the campaign, according to WSAZ-TV.
Democratic Rep. Alexandria Ocasio-Cortez of New York and Republican Rep. Anna Paulina Luna of Florida have announced their support for legislation to cap credit card interest rates, according to a release on Ocasio-Cortez’s website.
Here’s something to get hyped about. Interest on Credit Card capped to 10%. 🇺🇸 Meanwhile, Kamala wants to increase your taxes. pic.twitter.com/4U3w2hOgyE
— NOD0ZE™ (@NOD0ZE) September 27, 2024
Last month, Republican Sen. Josh Hawley of Missouri and independent Sen. Bernie Sanders of Vermont introduced similar legislation in the Senate.
The bill calls for a limit of 10 percent on all credit card interest rates.
“During his campaign, President Trump pledged to cap credit card interest rates at 10 percent,” Ocasio-Cortzez said.
“We’re making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt,” Ocasio-Cortez said.
Do you support this bill?
“I’m proud to be the bipartisan co-lead to this legislation. For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt,” Luna said.
“We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates,” she said.
Luna defended her partnership with the arch-progressive.
“I would argue it isn’t strange at all. Most people agree insane credit card interest rates are predatory,” Luna posted on X in response to a message calling the two legislators from opposite political poles “strange bedfellows.”
I would argue it isn’t strange at all. Most people agree insane credit card interest rates are predatory. https://t.co/5eJdyhDpOK
— Anna Paulina Luna (@realannapaulina) March 7, 2025
The average credit card interest rate tops 20 percent, Bankrate said, according to The New York Times.
As of 2023, the average rate of 22.8 percent was the highest since the Federal Reserve began collecting data in 1994,
Average credit card interest rates are near 30%. It’s a total ripoff. Congress should cap them. @realDonaldTrump has endorsed a credit card cap – let’s get it done pic.twitter.com/XD7QzPSa4B
— Josh Hawley (@HawleyMO) November 19, 2024
Hawley called current rates “exploitative.”
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