This will cause a big drop in bank revenue which will cause a lot of layoffs. Why anyone would work for a bank at this stage is mind blowing. The bank model for human workers is shrinking by the day.
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The bigger issue is credit availability for those who would have a higher rate. A credit score below some number usually means the only to GET any credit is through a high rate product like a credit card. Or a secured line of credit against a savings account. Either way it’s not going to happen because it would run afoul of the fair credit and fair banking rules. In this environment, 10% isn’t all that high for an unsecured credit line. I’d be more worried about credit limits being whacked and declines going through the roof. Plus, he said “for one year”. What good does that do??
credit cards should be able to cap cash back though, am I rite?!?!
I'm not sure what OP is saying? If people would stop living off credit and live within their means this would not be an issue? Banks that depend on maxed CC interest rates to make a buck are targeting those who can least afford it. Thats borderline predatory.
The grifter in chief just saying things is a request for a bribe for that industry. Otherwise he'd have written an EO (which is also just a stronger written request for a bribe). Sorry I meant "lobbying". Not worth worrying about this is just public theater to get money.
You’re an id--t. Maybe for Capital One. Go find an electric fence to pi-s on