A proposed 10% cap on credit card interest rates could restrict access to credit for millions of Americans. Industry experts agree that a 10% interest rate cap could lead to the cancellation or severe restriction of credit card accounts for up to 90% of cardholders – specifically those with credit scores below 740.

President Donald Trump's call for putting a one-year, 10% cap on credit card rates certainly catches the eye — and no surprise, has caught the wrath of bankers.

Industry analysis submitted by the Electronic Payments Coalition estimates that between 82% and 88% of existing card accounts — essentially all accounts tied to credit scores under 740 — would be clos...