US EditionTrump calls for one year cap on credit card interest rates at 10%
Trump targets credit card interest rates to ease financial pressure on Americans amid inflation and rising costs, proposing a 10% cap for one year starting January 20.
- On Friday, President Donald Trump called for a one-year cap on credit card interest rates at 10% in a Truth Social post, with the cap starting January 20.
- Trump framed the move amid years of inflation and blamed former President Joe Biden for high credit card interest rates frustrating Americans facing price pressures.
- The Consumer Financial Protection Bureau estimated former President Joe Biden's $8 late-fee cap would save families more than $10 billion annually, but a federal judge blocked the effort.
- Americans appear unconvinced as CNN's most recent poll shows 61% say Trump's policies worsened economic conditions, and CNN has sought comment from the White House and American Bankers Association.
- Trump continued making rapid policy posts, proposing a one-year credit card interest rate cap at 10% without specifying enforcement details amid housing and mortgage posts earlier in the week.
205 Articles
205 Articles
PBS NewsHour
UpstractBanks balk as Trump pushes for 1-year, 10% cap on credit card interest rates
Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
In the United States, credit cards are the first form of consumer credit. Interest rates have gone away, from an average of 12% 10 years ago to 21.4% today, while American consumers are borrowing more and more to maintain their credit cards.
Does Trump’s 10% Credit Card Rate Cap Make Visa and Mastercard a Buy?
Quick Read Visa (V) and Mastercard (MA) operate as payment networks that earn transaction fees rather than interest income. Their business models insulate them from Trump’s proposed 10% credit card rate cap. Visa and Mastercard could face mixed short-term effects as reduced credit availability might curb transactions but lower rates could boost consumer spending volumes. If you’re focused on picking the right stocks and ETFs you may be missin…
Trump pushes a 1-year, 10 per cent cap on credit card interest rates and banks balk
Reviving a campaign pledge, U.S. President Donald Trump wants a one-year, 10 per cent cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
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