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10% Credit Card Interest Rate Cap Act

This bill aims to cap credit card interest rates at a maximum of 10%. This means banks and other financial institutions would not be able to charge higher interest on credit card debt. The goal is to protect consumers from high debt costs.
Key points
Credit card interest rates, including all finance charges, would be capped at 10% annually.
Other fees cannot be used to bypass this limit, and their total sum cannot exceed the total finance charges.
Violating the interest rate or fee cap would result in forfeiture of all interest and allows consumers to recover overpaid amounts.
These provisions are set to expire on January 1, 2031, unless extended.
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Status: Introduced
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Additional Information
Print number: 119_HR_1944
Sponsor: Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Process start date: 2025-03-06
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

10 Percent Credit Card Interest Rate Cap Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1944.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-03-06.

What are the main provisions?

Key points include:

  • Credit card interest rates, including all finance charges, would be capped at 10% annually.
  • Other fees cannot be used to bypass this limit, and their total sum cannot exceed the total finance charges.
  • Violating the interest rate or fee cap would result in forfeiture of all interest and allows consumers to recover overpaid amounts.
  • These provisions are set to expire on January 1, 2031, unless extended.
What is the specific legal status?

The current status is Introduced.

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 Rep. Ocasio-Cortez, Alexandria [D-NY-14].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy