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House Members to Introduce Cap on Credit Card Interest

Interest rates on credit cards could not exceed 18% under the provisions of an amendment to be introduced by four lawmakers on Thursday.

By Claude R. Marx | Updated on April 27, 2009

Interest rates on credit cards could not exceed 18% under the provisions of an amendment to be introduced by four lawmakers on Thursday.

The measure, which would be attached to larger credit card bill that the House is scheduled to consider, would cap interest rates at 18% on credit cards issued by for-profit institutions. The interest rate on credit cards issued by credit unions is already capped at 15% under federal law, though the NCUA has temporarily raised that cap to 18%.

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