Trump announces 10 percent credit card cap
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For example, the Prime Rate is currently 6.75%. There’s nothing preventing a card issuer from tweaking a new customer offer from Prime Rate + 13% up to Prime Rate + 13.25% if it wishes to mitigate the impact of a Fed rate cut and make more money from interest charges.
Trump proposes a 10% credit card interest cap to stop Americans being “ripped off”. Explained: how it works, potential savings, risks, bank backlash, and whether it truly reduces debt.