Proposed 10% cap on credit‑card rates could save borrowers money but limit access to credit

The president is proposing a one‑year cap limiting credit‑card interest rates to 10%, a major drop from the current average of about 20%. Analysts say the move could save many borrowers hundreds of dollars a year in interest, especially those carrying large balances. But some experts warn the cap could backfire by reducing access to credit for low‑income borrowers and people with lower credit scores.