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.

Fintech giant Bilt announced an overhaul of its credit cards on Wednesday, which notably will include an introductory rate on all card users' interest rates at 10% for one year.