US EditionAs Trump Targets Credit Cards With 10% Black Swan Cap It's Time To Look At Other Options
- On January 13, 2026, President Donald Trump posted support on Truth Social and proposed a voluntary, one-year 10% cap on credit-card interest rates.
- Supporters note merchants paid $236 billion in swipe fees in 2024, and the legislation would require banks with more than $100 billion in assets to enable at least one additional payment network.
- JPMorgan CEO Jamie Dimon warned at Davos, Switzerland that the policy would remove credit from 80% of Americans and cause economic damage; Capital One Financial Corp. reported $279.6 billion in credit card loans.
- Given the President's spotlight, many expect the bill to accelerate toward House and Senate consideration; the Credit Card Competition Act must pass both chambers and survive intense lobbying from banking trade groups and merchant coalitions.
- For some consumers, the proposal could present a chance to reduce debt while alternatives like High Yield Savings Accounts, Credit Unions, and Orchid Island Capital Inc. at 17.52% offer options.
26 Articles
26 Articles
At Davos, Trump calls for laws to make housing and credit cards more affordable
At Davos, President Trump called on Congress to pass two laws to help with housing affordability: a ban on large investors buying up houses, and a 10% cap on credit card interest rates.
Trump sues JPMorgan Chase Bank for improperly cutting off from financial services
US President Donald Trump, along with Trump-owned LLCs, sued JPMorgan Chase Bank (JPMC) and its CEO, Jamie Dimon, on Thursday. Citing breach of JPMC’s code of conduct, the lawsuit alleges that the bank closed down several accounts that Trump either owned or was a beneficiary of. The complaint states: Plaintiffs suffered considerable financial harm and losses caused not only by the interruption to their access to JPMC’s banking services, but also…
Wall Street Banks Walk a Trump Tightrope
“In a three-day period this week, President Donald Trump sued JPMorgan and its chief executive, snubbed the head of Bank of America and doubled down on capping credit card interest rates, an industry cash cow,” the Financial Times reports. “The chaotic week encapsulated the experience of U.S. lenders in Trump’s second term: executives are caught in a jarring contrast, balancing the constant risk of his ire against the benefits of the most bank-f…
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