Trump Calls for Credit Card Interest Rate Cap
U.S.president Donald trump announced a call for a one-year cap on credit card interest rates at 10%, effective January 20, 2026. He did not detail how this plan would be implemented or enforced.
Trump initially made this pledge during his 2024 campaign, but analysts at the time indicated such a measure would require congressional approval.Lawmakers from both parties have expressed concern over high credit card rates.
While legislative efforts to address this issue have been introduced in Congress, none have yet become law.Trump did not explicitly endorse any specific bill in his announcement.
Opposition lawmakers have criticized Trump for not fulfilling his campaign promise. “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 on Truth Social. He added, “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies.”
Senator Elizabeth Warren, a Democrat on the Senate Banking Committee, stated Trump’s call is ineffective without congressional legislation. “Begging credit card companies to play nice is a joke. I said a year ago if Trump was serious, I’d work to pass a bill to cap rates,” Warren said, also criticizing Trump’s efforts to weaken the Consumer Financial Protection Bureau.
The white House affirmed the president was capping rates but did not provide further details.