What do you think about the chances of Trump’s campaign promise to cap credit card interest at 10%?
If this happens, it may affect the profits of credit card companies. Will they respond by cutting back on benefits like sign-up bonuses or transfer perks?
This isn’t going to be a priority. Don’t expect it to happen anytime soon, if at all.
BettyClark said:
This isn’t going to be a priority. Don’t expect it to happen anytime soon, if at all.
I’m not so sure. Trump might want to keep his tax cut promises. The big tax talk might include extending the 2017 tax cuts and could combine these ideas, making it more likely to pass.
@irmah
Consumers benefit from high interest rates if they are responsible. Capping them at 10% would hurt credit card companies’ ability to make money, leading to less value for consumers in terms of rewards.
I’d rather not see changes since I earn more points this way. APR isn’t an issue for responsible users.
@irmah
Sounds like you’ve been influenced by the wrong ideas.
Maybe for no annual fee cards, but anything with an annual fee might not change. Issuers might also hesitate to lend to very risky customers.
Ain’t going to happen.
Frances said:
Ain’t going to happen.
Bernie Sanders says he supports Trump on this.
Frances said:
Ain’t going to happen.
Bernie Sanders says he supports Trump on this.
You need more than just Bernie to make this happen.
Frances said:
Ain’t going to happen.
Bernie Sanders says he supports Trump on this.
When was the last time Bernie actually passed a bill as the main sponsor?
@Frances
This 10% cap likely won’t happen, but he has influenced policies while on the budget committee, so he’s made an impact.
Frances said:
Ain’t going to happen.
Bernie Sanders says he supports Trump on this.
Bipartisan support usually means trouble. If both sides agree, it’s often bad news for us.
@Vinn
Bipartisanship isn’t necessary; they could bundle it with other tax cuts for a simple majority vote.
@Vinn
Bernie’s support shouldn’t be equated to bipartisan approval. Many on both sides would likely oppose upsetting the banks. I hope it happens, though, as APRs are high, but making drastic changes to banking might not be popular with most politicians. My bet is it won’t happen.
It’s probably not going to happen, but if it did, many people who carry a balance would likely see their accounts closed. The subprime market would take a big hit since no one would risk lending at capped rates.
This will never happen for all the reasons discussed. Trump won the election, so he has no reason to keep these random campaign promises.
Almost no one would get credit cards. What company would want to risk unsecured debt at just 10%? Many can’t even get car loans at that rate!
It was probably just a lie to win votes, like many things.
Brigham said:
It was probably just a lie to win votes, like many things.
Trump lied? Really?
I heard it might only be temporary, so it may not have big long-term effects.