20 YearsHelping You Live Richer Reviewedby Experts Trusted byMillions of ReadersThe average credit card interest rate is now a whopping 23.79% — a rate that makes it difficult to crawl your way out of credit card debt once you have it. However, that deadline has passed, and no major credit card company has complied with Trump’s directive, USA Today reported. Here’s why he believes a temporary credit card interest rate cap would actually hurt consumers. Borrowers May Take On More Debt During the Temporary Rate CapIt’s important to note that Trump’s proposal was for a one-year interest rate cap — not a permanent one. “If the credit card rate cap is limited to one year, consumers would be paying half or two-thirds of what they’re currently paying,” Wijegoonaratna said.