Answer: How would a 10% cap on credit card interest rates affect consumers with near-perfect credit?

For context, this is a question I answered on Quora

800 and above wouldn’t be bothered.

Those in the 700s to high 600s would see higher fees, fewer rewards and smaller lines of credit.

Those below 680 wouldn’t qualify for anything and even those at the margins would be hard pressed given how much scores can fluctuate.

Not only would subprime accounts disappear but even people with marginally decent credit would have trouble getting an account.

10% on unsecured debt to anyone with a pulse is asinine. People have paid higher interest rates on mortgages and business loans. Hell even short term renovation loans are typically higher than that with a property as collateral.