Rep. Alexandria Ocasio-Cortez, D-N.Y., and Rep. Anna Paulina Luna, R-Fla., have joined forces to introduce legislation that would put a 10% cap on credit card interest rates, bringing one of President Donald Trump’s campaign promises closer to reality.
Trump had previously vowed to limit credit card interest rates, criticizing lenders for charging 25% to 30% interest on working Americans. “We’re going to put a temporary cap on credit card interest rates. We’re going to cap it around 10%,” Trump said during the campaign.
ICYMI Anna Paulina Luna and AOC authored a bill together. 😳😆
It’s a bill to cap credit card interest rates at 10%. Good one to get passed though because they are also wanting us to receive 2 years backpay on percentages over 10. pic.twitter.com/6ApjEFSldo
— ©. (@RebelValkyrie17) March 8, 2025
Luna, a staunch conservative and Freedom Caucus member, defended her collaboration with Ocasio-Cortez, saying predatory lending practices affect all Americans, regardless of political leanings. “I would argue it isn’t strange at all. Most people agree insane credit card interest rates are predatory,” she posted on X.
The legislation mirrors a similar proposal introduced last month in the Senate by Sen. Bernie Sanders, I-Vt., and Sen. Josh Hawley, R-Mo., showing that the idea has gained traction across the political spectrum.
“For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt,” Luna said, emphasizing that the bill would provide much-needed financial relief to everyday consumers.
The proposal would set a strict limit on credit card interest rates, prohibiting lenders from charging more than 10%, including all finance charges. As the legislation moves forward, it remains to be seen whether it will gain enough support to pass through Congress.
