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.

Synchrony, which issues cards for Amazon among others boasted a 25 per cent return on equity in its latest quarter, even factoring in allowances for credit losses equivalent to around 10 per cent of i...