Trump Proposes 10% Credit Card Cap
Analysis based on 12 articles · First reported Jan 10, 2026 · Last updated Jan 11, 2026
The proposed 10% cap on credit card interest rates by Donald Trump would significantly impact the profitability of credit card companies like Capita and Discover Financial, potentially leading to reduced rewards and tighter credit for high-risk borrowers. While consumers in the United States could save billions, the banking industry, represented by the Mortgage Bankers Association, warns of unintended consequences such as driving consumers to less regulated, more costly alternatives.
Donald Trump has revived a campaign pledge to implement a one-year, 10% cap on credit card interest rates in the United States, aiming for it to be in place by January 20. This proposal, which could save Americans an estimated $100 billion annually, faces strong opposition from Wall Street and the credit card industry, including major players like Capita and Discover Financial. The Mortgage Bankers Association argues that such a cap would force banks to curtail credit lines for high-risk borrowers, pushing them towards less regulated and more expensive financial products. Despite his administration's previous friendly stance towards the credit card industry, including the non-functional United States — Consumer Financial Protection Bureau and the killing of a Biden-era regulation on late fees, Donald Trump is now pushing for this cap. Several senators and representatives, including Bernie Sanders, Josh Hawley, Alexandria Ocasio-Cortez, and Anna Paulina Luna, have previously proposed similar legislation.
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