Capping Credit Card Interest Rates Act

This bill caps credit card interest rates at 18% annual percentage rate (APR), including all finance charges, directly affecting credit card holders and issuers. It prohibits creditors from using non-finance-charge fees (like annual fees) to bypass the 18% limit, ensuring total fees plus interest cannot exceed the capped rate. Violations would trigger penalties under existing Section 130 of the Truth in Lending Act. The change replaces current variable rate structures with a fixed maximum for all credit card extensions of credit.