A proposed 10% cap on credit card interest rates could restrict access to credit for millions of Americans. Industry experts agree that a 10% interest rate cap could lead to the cancellation or severe restriction of credit card accounts for up to 90% of cardholders – specifically those with credit scores below 740.

Major US banks have lashed out at Donald Trump’s proposal to cap credit card interest rates to address affordability concerns, warning the move could undercut a crucial source of industry revenue.