With the US president announcing a 10% cap on credit card interest rates here is a quick summary of rate caps in other markets around the world.
This change would of course have significant market impact in terms of access to credit, market size and likely impact consumer spending (and GDP). We would also likely see consumers looking for substitutes in other products too.
Whatever your view on rates, this is one to watch closely for 2nd order impacts too for sure.
| Market | Credit Card Rate Cap | %APR* | ||
| Europe | UK | No | ||
| Ireland | Partial | 34% | ||
| France | Yes | 24% | ||
| Italy | Yes | 24% | ||
| Portugal | Yes | 19% | ||
| Netherlands | Yes | 15% | ||
| Finland | Yes | 18% | ||
| Sweden | Yes | 22% | ||
| Poland | Yes | 15% | ||
| Spain | Partial | |||
| Asia | Japan | Yes | 15–20% | |
| South Korea | Yes | 20% | ||
| Taiwan | Yes | 15% | ||
| Philippines | Yes | 36% | ||
| Thailand | Yes | 16% | ||
| Malaysia | Yes | 18% | ||
| Singapore | No | |||
| Hong Kong | Partial | 48% | ||
| China | No | |||
| ANZ | Australia | Partial | 48% | |
| New Zealand | Partial | 292% | ||
| Americas | United States | Partial | 36% | <10%** |
| Canada | Yes | 35% | ||
| Mexico | Partial | |||
| Brazil | Yes | |||
| Argentina | Yes | |||
| Colombia | Yes | 24% | ||
| Peru | Yes | 113% | ||
| Costa Rica | Yes | 36% |
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