The vast majority of Republicans support Alexandria Ocasio-Cortez and Bernie Sanders’ plan to cap credit-card interest rates at 15%

The vast majority of Republicans support Alexandria Ocasio-Cortez and Bernie Sanders' plan to cap credit-card interest rates at 15%

  • The vast majority of both Republicans and Democrats who said they plan to vote in the 2020 presidential primary support legislation rolled out by Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders last week that would cap credit-card interest rates at 15%. Nearly 70% of Republican primary voters and 73% of Democratic primary voters said they either support or strongly support the proposal to cap rates at 15%, according to a new INSIDER poll.
  • Just over 60% of respondents who don’t plan to vote in the 2020 presidential primaries also said they support the bill, known as the Loan Shark Prevention Act.
  • INSIDER specifically asked Americans whether they support or oppose a law that would cap credit-card interest rates at 15%, noting that the current median interest rate for a credit card is about 21.36%. Overall, about 68% of respondents said they either support or strongly support the plan and 10% oppose it.
  • Support for the cap was consistent across income levels, but higher-income respondents appeared to support the proposal more strongly than the average respondent – though the sample size was too small to draw any specific conclusions.
  • In short, the bill would impose the cap on credit-card interest rates at the federal level and allow states to establish even lower interest rates.
  • The bill would also give the Federal Reserve flexibility to allow lenders to charge higher rates if it’s determined the federal cap “Would threaten the safety and soundness of financial institutions.”
  • The median credit-card interest rate was 21.36% as of last week, compared with 12.62% a decade ago, according to Creditcards.com.