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Trump calls for 10% cap on US credit card interest rates for a year — details
Trump calls for cap on US credit card interest rates at 10% for a year, starting January 20—Americans ‘being ripped off’
United States President Donald Trump on 10 January (IST) called for a one-year cap on credit card interest rates of 10% from January 20, marking a year since he began his second term in the post.
This also completes one of Donald Trump's key campaign promises in the run-up to the US Presidential elections in late 2024. He had received criticism for not fulfilling the campaign pledge for most of his first term.
American public no longer allowed to be ripped off, says Donald Trump
“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%. Coincidentally, the January 20th date will coincide with the one-year anniversary of the historic and very successful Trump Administration,” Donald Trump said wrote on his social media platform Truth Social.While he did not give out specifics, Donald Trump said the move is aimed at improving “affordability” for the Americans, stating: “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…”
What did Donald Trump say? Read full text below:
In his post Donald Trump also blamed predecessor “Sleepy Joe” Biden for letting “credit card interest rates of 20 to 30%, and even more, which festered unimpeded” during the previous administration.Reactions to Donald Trump's announcements
On microblogging site X (formerly Twitter), the official account reposted the US president's Truth post as a graphic with no additional information but called it “HUGE”. Reuters said it reached out to The White House for details on Donald Trump's announcement, but there was no immediate response.The agency added that there was no immediate response from major American banks and credit card issuers either including, American Express, Bank of America, Capital One Financial Corp, Citigroup and JPMorgan.
US credit card cap: What was proposed earlier?
U.S. Senator Bernie Sanders, a fierce Trump critic, and Senator Josh Hawley, who belongs to Trump's Republican Party, have previously introduced bipartisan legislation aimed at capping credit card interest rates at 10% for five years. This bill explicitly directs credit card companies to limit rates as part of broader consumer relief legislation.Democratic U.S. Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have also introduced a House of Representatives bill to cap credit card interest rates at 10%, reflecting cross-aisle interest in addressing high rates.
Last year, the Trump administration moved to scrap a credit card late fee rule from the era of former President Joe Biden.
The Trump administration had asked a federal court to throw out a regulation capping credit card late fees at $8, saying it agreed with business and banking groups that alleged the rule was illegal. A federal judge subsequently threw out the rule.
(With inputs from Reuters)
Source: LiveMint
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