It doesn’t work that way. Credit card interest is at its current level because that is what is required to make credit cards profitable. If interest is artificially capped at 10%, companies will stop offering credit card debt to people with credit scores that are no longer profitable with 10% interest (Perhaps anyone with less than a 700 or so credit score).

Yes, merchant fees make up ~50% of a credit card companies revenues, but those merchant fees also go way down when you can’t offer credit to a big number of your borrowers

It’s the old Soviet bread line concept.

Sounds like socialism…