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Credit Card Interest Rate Cap: Maximum 18% APR Limit

This bill establishes a maximum annual percentage rate (APR) for credit card debt, setting the limit at 18%. This cap includes all finance charges associated with the credit extension. The goal is to protect consumers from excessive debt costs, potentially leading to significant savings on interest payments for those carrying a balance.
Key points
The maximum interest rate (APR) on credit cards is capped at 18%.
This 18% limit must include all finance charges assessed by the card issuer.
The law prevents creditors from circumventing the cap by shifting costs to other non-finance fees.
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Expired
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Additional Information
Print number: 118_S_2760
Sponsor: Sen. Hawley, Josh [R-MO]
Process start date: 2023-09-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Capping Credit Card Interest Rates Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2760.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-09-11.

What are the main provisions?

Key points include:

  • The maximum interest rate (APR) on credit cards is capped at 18%.
  • This 18% limit must include all finance charges assessed by the card issuer.
  • The law prevents creditors from circumventing the cap by shifting costs to other non-finance fees.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Hawley, Josh [R-MO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy