Credit card interest rates: your credit score can matter more than Trump's 10% cap

President Trump renewed his call for a temporary 10% cap on credit card interest rates, but analysts see slim odds of action; experts say existing low-rate and 0% promotional cards and a higher credit score influence the APR consumers can receive.

President Donald Trump renewed a request for Congress to cap credit card interest rates at 10% for one year. Analysts and forecasters say passage of such a cap is unlikely. The Federal Reserve is expected to hold interest rates at its meeting this week, and earlier rate moves have not substantially lowered typical card APRs. Many card issuers already offer low-rate products and 0% promotional periods that depend on a consumer's credit profile. Key points: - Trump asked Congress for a temporary 10% cap on credit card APRs in a recent speech. - Analysts at Capital Alpha Partners estimated the odds of a 10% cap becoming law at about 10% to 15%. - The average credit card rate was 19.62% as of Jan. 21, according to Bankrate. - Several issuers advertise 0% promotional offers on new purchases and balance transfers, commonly lasting 12–24 months, per Bankrate commentary. - Access to the best low-rate or 0% offers is reported to depend on a consumer's credit score and which scoring model or bureau a lender uses. - VantageScore's CEO highlighted three factors tied to scores: knowing your score, making payments on time, and keeping credit lines from being fully used. Summary: The article reports that policy changes like a temporary 10% cap face low odds and that issuers' existing low-rate and promotional products remain an important part of the current market. The Federal Reserve is expected to keep rates steady at this week's meeting, and legislative action on a 10% cap is undetermined at this time.