Even if Trump Did Manage to Deliver on a Credit Card Interest Rate Cap, 80% of Voters Say He Would Need to Do More to Show He’s Serious About Lowering Costs

March 4, 2026 | WASHINGTON, D.C. — Today, as Trump’s policies continue to increase costs, Groundwork Collaborative and Protect Borrowers released a new Data for Progress poll showing strong, bipartisan support for efforts to cap credit card interest rates at 10%. After hearing common bank lobby talking points, nearly two-thirds of voters across party lines still favor a 10% interest rate cap, even if it would result in rewards programs being reduced or credit card eligibility being tightened.

The survey also revealed that credit cards are a critical lifeline for Americans struggling amidst the unprecedented affordability crisis and rising cost of living, finding that nearly half of respondents are not paying their full balance off each month—paying sky-high interest charges to credit card banks as a result. The survey looked at the spending habits of these voters, finding that large shares take on high-rate credit card debt to pay for household necessities like rent and utilities, as well as items hit by President Trump’s tariffs, like groceries. The numbers are even more pronounced among those who do not pay their balance off in full each month, nearly half of whom have used credit cards to pay off other debts.

While the Trump administration has recently renewed its call to cap credit card interest rates, polling finds Americans are split on whether they believe Trump will use his leverage over Congress to actually get it passed. Even if the ban did pass, four in five voters (80%) say that Trump will need to do more to show he is serious about actually addressing affordability, including 69% of Republicans. As voters demand bold action to lower prices, President Trump spent his first year back in office doing the opposite. Trump’s tariffs cost families an additional $1,000 in 2025 while his One Big Beautiful Bill Act took funding from federal programs that help Americans make ends meet to pay for tax breaks to billionaires and large corporations. At the same time, the Trump administration gutted the Consumer Financial Protection Bureau, allowing corporate profiteering to go unpunished while banks raked in billions in profits off credit card late fees. It is clear that the priorities of working families are being ignored by this administration. 

Groundwork Collaborative’s Executive Director, Lindsay Owens, shared her reaction:

“Americans are desperate for relief from crushing credit card rates, and they don’t see Trump’s proposed cap as proof he’s serious about or focused on lowering costs. As the president’s policies continue to push prices higher for working families, he must do far more to repair the economic damage he’s caused.”

Protect Borrowers’ Executive Director, Mike Pierce, shared his reaction: 

“Trump campaigned as a populist but has governed as a banker—giving giant credit card banks a free pass to gouge working people, even as America’s affordability crisis spirals out of control. Today’s poll shows that working people are going into credit card debt just to keep up—paying sky-high interest rates to pay for rent, healthcare, and groceries. A bipartisan supermajority of Americans are not buying bank lobbyists’ spin—if President Trump were serious about making American life more affordable, he would cap credit card rates now and begin to prioritize working families, not billionaires.” 

Key Takeaways:

  • A rate cap beats credit card points by a wide margin. Nearly two-thirds of voters prefer capping interest rates at 10% even if it means losing or reducing credit card rewards (63% vs. 32%). Support spans Democrats (61%), Independents (64%), and Republicans (64%) alike.
  • Voters are split on whether Trump will use his leverage with Congress to pass an interest rate cap—and even if he did, the vast majority say more will need to be done. Americans are skeptical Trump will follow through on a cap: 49% say it is at least somewhat likely, while 46% are more doubtful. Doubt is higher among Independents (56%), with 1 in 4 Republicans also saying it isn’t likely he gets it done. Even if Trump does deliver on the interest rate cap, an overwhelming majority of voters (80%) say it wouldn’t be enough to show he’s serious about bringing down costs, including over two-thirds (69%) of Republicans.

  • Rewards programs are more important to college graduates. 40% of college-educated voters say rewards are more important than fees or interest rates when choosing a card, compared to just 30% of those without a college degree. College graduates are also more likely to redeem rewards monthly (29% vs. 21% for non-college) and to factor rewards into purchasing decisions (25% major factor vs. 19% for non-college).

  • Credit cards are a lifeline for everyday essentials. Over three-quarters of Americans hold at least one credit card, and large shares use credit cards for essentials like groceries (76%), personal items like toiletries and clothing (75%), and utilities (52%). For voters under 45, 30% use credit cards for utility bills monthly, 20% for rent or housing costs, and 34% use them to make payments on other debts like Buy Now, Pay Later loans or car payments. Nearly half of cardholders (49%) do not pay off their full balance every month.

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About Groundwork Collaborative

Groundwork Collaborative is an economic think tank fighting to reshape economic policy and narratives in order to build public power, break up concentrations of corporate influence, and deliver true opportunity and prosperity for all. Part communications shop, part think tank, and part issue advocacy organization, Groundwork pairs rigorous research with strategic advocacy to advance policies that make the economy work for everyone, not just those at the top.

Learn more at groundworkcollaborative.org or follow on Twitter at @groundwork.

About Protect Borrowers

Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.

Learn more at protectborrowers.org or follow us on social @BorrowerJustice.