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Candidates of Both Parties Pitch Credit Card Interest Rate Caps

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Candidates of Both Parties Pitch Credit Card Interest Rate Caps

Candidates of both parties are advocating caps on credit card interest rates as they campaign for next week’s midterm elections, Bloomberg reported Saturday (Oct. 31).

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These candidates aim to capitalize on voter frustration with credit card interest rates that are nearly double what they were a decade ago, and a credit card delinquency rate that is near the highest level since 2011, according to the report.

Seventy-two percent of voters surveyed in May, including Democrats, Republicans and independents, said they support capping credit card interest rates at 10% for a year, the report said, citing data from the Harvard CAPS-Harris Poll.

The report highlighted Democratic Texas Senate candidate James Talarico, Florida Democrat Angie Nixon and Republican House incumbent Anna Paulina Luna, saying each has supported capping the rates set by credit card companies.

It added that President Donald Trump praised Kansas Sen. Roger Marshall, saying the senator was fighting “predatory” lenders.

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Trump pitched a 10% credit card rate cap during the 2024 presidential race and revived the idea of such a cap in early 2026, but the White House has since backed away from the idea, the report said.

In addition, bills introduced by bipartisan groups of lawmakers call for caps as well as other measures such as lower swipe fees, the report said.


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