House Bill Would Cap Credit Card Interest Rates At 16%

Law360, New York (February 21, 2012, 1:13 PM EST) -- A pair of Democratic lawmakers on Thursday introduced a bill that would cap credit card interest rates at 16 percent, going farther than previous legislation on credit cards to limit expenses for consumers.

The Restoring America’s Commitment to Consumers Act of 2012, H.R. 4084, would establish a National Credit Card Usury Rate capping the interest rate credit card companies could charge consumers at 16 percent. That 16 percent rate cap would include membership, annual and other so-called upfront fees associated with credit cards.

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