Trump calls for a 10% cap on credit card interest rates for a year

President Donald Trump late Friday called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, noting that he will not allow Americans to be “ripped off” by credit card firms whose credit card interest rates have reached 20% - 30% or more.

“AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%,” Trump wrote in a social media post, noting that the move will coincide with the first anniversary of his second term in office.

“Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more,” Trump wrote.

His remarks drew immediate opposition from major banking groups. “If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,” read a joint statement from the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, and Independent Community Bankers of America.

“We look forward to working with the administration to ensure Americans have access to the credit they need.”

Relevant tickers: Capital One Financial (COF), American Express (AXP), Synchrony Financial (SYF), Bread Financial Holdings (BFH). JPMorgan Chase (JPM), Citigroup (C), and Bank of America (BAC).

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