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Americans would save $100B if credit card rates were capped as Trump proposed, researchers say
A Vanderbilt University study finds banks could remain profitable by relying on interchange fees, even if credit card interest rates are capped at 10%, potentially saving Americans $100 billion annually.
- A Vanderbilt University paper found that Americans would save roughly $100 billion a year in interest costs if credit card interest rates were capped at 10%.
- The paper stated that banks could still earn a profit on most customers even with a 15% interest rate cap, though rewards may need to be reduced if the cap was set at 10%.
- Trump proposed a temporary 10% cap on credit card interest rates during his 2024 campaign, and bills matching this proposal have been introduced in Congress.
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Associated Press News+62 Reposted by 62 other sources
Americans would save $100B if credit card rates were capped as Trump proposed, researchers say
A new paper from Vanderbilt University suggests Americans could save about $100 billion annually if credit card interest rates were capped at 10%, as proposed by President Donald Trump.
·United States
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Coverage Details
Total News Sources67
Leaning Left8Leaning Right0Center51Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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