US EditionTrump calls for one year cap on credit card interest rates at 10%
Trump proposes a federal 10% cap on credit card interest rates for one year to protect working-class Americans from rates averaging nearly 20%, requiring congressional approval.
- President Donald Trump announced via Truth Social that he is calling for a one-year cap on credit card interest rates at 10% starting Jan. 20, 2026, but provided no details on enforcement.
- Amid rising costs and household debt, the White House noted Americans carry about $1.23 trillion in credit card balances, citing affordability concerns.
- A coalition of banking trade groups warned that a 10% cap would reduce credit availability and could hurt millions of families and small businesses, according to Vanderbilt University analysis.
- Market participants and bank leaders reacted by warning the proposal could prompt card cancellations and pressure lenders, while SoFi CEO Anthony Noto said `Also if this scenario plays out, underwriting discipline and borrower education become even more important`.
- Congress would have to pass a law to impose the cap, with similar 10% bills introduced last year by Sen. Josh Hawley, Sen. Bernie Sanders, Rep. Alexandria Ocasio-Cortez, and Rep. Anna Paulina Luna, while the Consumer Financial Protection Bureau remains largely nonfunctional.
344 Articles
344 Articles
Will credit card interest rates be capped at 10%? What we know
The credit card industry went into high gear over the weekend following a social media post from President Donald Trump calling for a 10% cap on interest rates. This mirrors a pledge he made on the campaign trail, and it also aligns with a pair of proposed bills in Congress (one in the Senate and the other in the House) — though neither of these bills has seen any additional action since being referred to the chambers' respective committees in e…
Trump's war on interest rates
With a pair of moves over the weekend, President Donald Trump signaled his intention to bully various institutions into providing lower interest rates for American consumers and the federal government. First, Trump called for capping credit card interest rates at 10 percent in a Truth Social post on Friday. That was swiftly followed by news that the Justice Department was investigating Federal Reserve Chair Jerome Powell for misleading Congress …
Trump reiterates desire to cap credit card interest rates at 10%
President Donald Trump is renewing his push to cap credit card interest rates at 10%, saying credit card companies have “really abused the public” and he’s vowing to put a stop to it. In a Truth Social post over the weekend, Trump called for a Jan. 20 start date for the proposed one-year cap. He followed up Sunday night aboard Air Force One, doubling down on the plan. “They really abused the public, the credit card companies have. I’m not going …
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