10 Percent Credit Card Interest Rate Cap Act

Sets a 10% annual interest cap on credit cards, counting all finance charges. Stops lenders from dodging the cap with extra fees; total fees can’t be more than finance charges. If a lender breaks the rule, they must forfeit interest and people can sue within 2 years to get it back. Stricter state limits still apply. The cap ends Jan 1, 2031 unless renewed. Likely effects: lower card costs and debt for many, but some banks may cut credit lines, raise standards, or reduce rewards.