Donald Trump Proposes 10% Credit Card Cap

Donald Trump, as President of the United States, announced a proposal for a one-year cap on credit card interest rates at 10%, effective January 20, 2026. He made the announcement on Truth Social, which was then shared by United States — White House on X (social network). Donald Trump criticized credit card companies for charging high interest rates, blaming the Joe Biden administration for their persistence and framing the cap as a measure to improve affordability for Americans. While Donald Trump did not provide details on how the plan would be implemented or enforced, the proposal has drawn reactions from various entities. Analysts and lawmakers, including Elizabeth Warren, noted that such a measure would require approval from the United States. Several major U.S. banks and credit card issuers, including American Express, Capita, JPMorgan Chase, Citigroup, and Bank of America, did not immediately comment. Banking advocacy groups like the Mortgage Bankers Association, Bank Policy Institute, Mortgage Bankers Association, Financial Services Forum, and Independent Community Bankers of America issued a joint statement, arguing that a 10% cap would reduce credit availability and push consumers towards less regulated, more costly alternatives. Senators Bernie Sanders and Josh Hawley, as well as Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna, have previously introduced bipartisan legislation to cap credit card interest rates. Billionaire fund manager Bill Ackman called Donald Trump's proposal a 'mistake'.