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10 Percent Credit Card Interest Rate Cap Act

This act aims to cap credit card interest rates at a maximum of 10 percent, including all finance charges. This is intended to protect consumers from high debt costs and make it easier to repay their obligations. It also introduces the possibility of recovering overpaid interest and fees.
Key points
Credit card interest rates will be capped at 10 percent annually, potentially lowering debt costs for many individuals.
All credit card fees not considered finance charges cannot be used to evade the cap and cannot exceed the total amount of finance charges assessed.
If a bank charges higher interest or fees, consumers can recover overpaid amounts within 2 years.
The act does not override state laws that offer greater consumer protection.
These provisions are set to expire on January 1, 2031.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_381
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2025-02-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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_S_381.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-04.

What are the main provisions?

Key points include:

  • Credit card interest rates will be capped at 10 percent annually, potentially lowering debt costs for many individuals.
  • All credit card fees not considered finance charges cannot be used to evade the cap and cannot exceed the total amount of finance charges assessed.
  • If a bank charges higher interest or fees, consumers can recover overpaid amounts within 2 years.
  • The act does not override state laws that offer greater consumer protection.
  • These provisions are set to expire on January 1, 2031.
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 Sen. Sanders, Bernard [I-VT].

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 2025-12-23.

CATEGORIES

Economy Courts and Law