(Patriot.Buzz) – Trump-endorsed credit card interest cap faces pushback from big banks as Representative Anna Paulina Luna (R-FL) teams with Representative AOC (D-NY) to deliver on Trump’s promise.
The bipartisan bill would slash current credit card rates from nearly 29% down to 10%, potentially saving countless working-class Americans from debt traps.
In a rare display of bipartisanship, Anna Paulina Luna of Florida has joined forces with Alexandria Ocasio-Cortez to introduce legislation that would cap credit card interest rates at 10%.
The bill directly aligns with President Trump’s campaign promise to limit credit card rates and provide relief to hardworking Americans.
“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We’re going to cap it at around 10%. We can’t let them make 25 and 30%,” Trump said.
The average credit card interest rate is 28.71%—nearly three times higher than the proposed cap.
These sky-high rates have been climbing since the COVID-19 pandemic and have not been as low as 10% since at least 1994, trapping countless American families in seemingly endless debt cycles.
Luna did not mince words when explaining her support for the legislation:
“For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt. We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates.”
The legislation has also gained momentum in the Senate, with Senator Josh Hawley (R-MO) and Senator Bernie Sanders (I-VT) introducing a similar bill.
This growing support across party lines demonstrates the widespread recognition that American families need protection from predatory lending practices that have been allowed to flourish under the current financial system.
Predictably, the American Bankers Association and other banking groups have voiced opposition to the proposal.
They claim that capping interest rates would reduce credit availability, pointing to examples from Oregon and Chile, where similar caps allegedly led to reduced credit access.
These objections follow the standard Wall Street playbook of threatening reduced services whenever their profit margins are threatened.
Moreover, the stark difference between the Federal Reserve’s benchmark interest rate of 4.25% and current credit card rates, which average nearly 29%, reveals how banks are gouging American consumers with excessive charges.
The bill aims to address this disparity by forcing credit card companies to operate with more reasonable profit margins instead of exploiting financially vulnerable citizens.
While critics warned of potential economic consequences, supporters of the legislation pointed out that credit card companies are currently charging interest rates that would make loan sharks blush.
The legislation includes provisions to prevent companies from using hidden fees to evade the interest rate limitations, closing potential loopholes before they can be exploited.
As President Trump has repeatedly advocated for this 10% cap, the legislation represents a unique opportunity for conservatives to deliver real economic relief to hardworking Americans while reining in Wall Street excesses.
For MAGA supporters concerned about the financial stability of middle America, this bill represents exactly the kind of common-sense protection that Washington has long failed to provide.
Copyright 2025, Patriot.Buzz
