While Donald Trump promised Americans relief with a 10 percent credit card interest rate cap, Capitalmind founder Deepak Shenoy had a sharp reality check for Indians to share.

Reacting to a tweet criticizing US interest rates above 25% as “usury”, Shenoy shared a post about rising rates in India – where the country’s largest issuer HDFC is charging jaw-dropping rates of up to 45% annually – and that was before adding an 18% increase in GST.

Even HDFC’s top-tier “premium” cards like Infinia and Diners Black don’t offer much of a deal, carrying a high annual rate of 23.88%.

Reacting to Shenoy’s tweet, one user suggested that rates in the US are generally “lower than ours.” Shenoy was quick to make a stark comparison, noting that while mortgage rates in America average around 6.7%, mortgage rates in India carry a steeper burden at 8.5%.

His advice on the use of credit cards resulted in a clear assessment: “If you don’t know, don’t use it. However, if you can guarantee that you will be able to repay your entire debt every month without disruptions or the need for another loan, you should consider using a credit card.”

Trump’s interest rate cap isn’t just a standalone proposal; It’s part of a larger vision to reduce America’s debt and ease financial distress. He paired this with his support for Sen. J.D. Vance’s Credit Card Competition Act, which aims to eliminate swipe fees, typically adding 2-4% to every purchase and further deepening the debt burden of U.S. consumers.

Trump called it a “Visa-Mastercard monopoly” that leaves Americans in debt with hidden taxes. Gathering his supporters, Trump promised, “Let’s get people out of debt, eliminate hidden taxes, and make America rich again.”

For Americans, Trump’s proposed cap could mean a dramatic drop in credit costs and reshape the landscape for millions burdened by high interest rates. But Shenoy’s post sheds serious light on the global disparity in debt costs: In India, where interest rates are as high as 45%, the idea of ​​a 10% ceiling is not even possible.