Nearly two-thirds of voters support a 10% cap on credit card interest rates, even if it means fewer rewards programs or tougher access to credit.
The poll, conducted by Data for Progress and commissioned by Groundwork Collaborative and Protect Borrowers, also found that nearly half of credit card users do not pay off their full balance each month.
Banks have said the 10% cap will hurt consumers.
Groundwork Collaborative Executive Director Lindsay Owens said voters want strong action from President Donald Trump to lower consumer costs.
“Americans are desperate for relief from crushing credit card rates, and they don’t see Trump’s proposed cap as proof he’s serious about or focused on lowering costs,” she said.
Support for capping interest rates at 10% is consistent across party lines: 61% of Democrats, 64% of Independents, and 64% of Republicans are in favor, even if it reduces or eliminates credit card rewards.
Protect Borrowers Executive Director Mike Pierce called on Trump to cap credit card interest rates.
“If President Trump were serious about making American life more affordable, he would cap credit card rates now and begin to prioritize working families, not billionaires,” Pierce said.
The American Bankers Association and other credit card issuers called the credit card cap proposal “misguided” and a “surefire way to make life less affordable for Americans.” The group also said the measure would spell the end of credit card reward programs.
“Lawmakers have rightly rejected past attempts at legislation and amendments to mandate the reengineering of the nation’s trusted, resilient and efficient credit card payments system just to boost the profits of the nation’s largest retailers,” a coalition of banking groups said in a statement earlier this year. “This Congress should again reject this harmful proposal. Anyone supporting Durbin-Marshall is voting to make credit card transactions less secure and to take away the credit card reward programs that make life more affordable for millions of Americans.”
Trump recently called for a 10% cap on credit card interest rates for 1 year and voiced support for the bipartisan Credit Card Competition Act. The act would require major banks to offer at least two unaffiliated card networks – including an option beyond Visa or Mastercard – to increase competition and lower transaction (swipe) fees. Retail groups such as the National Retail Federation have backed the legislation.
