Trump calls for 1-year 10% cap on credit card interest rates

President Donald Trump announced Friday he is calling for a one-year cap limiting credit card interest rates to 10%.

Trump blamed the Biden administration for allowing rates to rise as high as 20–30%, adding that Americans were being "ripped off" by credit card companies.

"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, which festered unimpeded during the Sleepy Joe Biden Administration," Trump wrote on Truth Social.

"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 calls for 1-year 10% cap on credit card interest rates

President Donald Trump announced a proposed one-year cap on credit card interest rates at 10%, blaming the Biden administration for allowing rates to climb as high as 20–30%.

www.foxbusiness.com

 

[Hol]

Good idea!

 

[Tall Timbers]

More beneficial would be limiting the charges per transaction. A penny per should be enough.

In any case, the difference between a dictatorship and a Constitutional Republic narrows if a President has the power to do stuff like this on his own.

Interest rates on credit cards are insane. A good solution would be to teach people to live below their means and not carry debt.

When an industry is ripping Americans off every way they can govmint regulation might be a good idea.

 

[Batman]

I could be wrong but credit offered was withdrawn in times past and the person had to pay debts without the constant allowance of more and more and more and more credit purchases. Also, if by 10% 1-year cap it means they can't increase the right during the first 12 months......consumers would NOT care and only see that as saving a small amount of $ and an incentive to do what they do and charge "more and more and more and more!" Not sure that's what this is about though.

 

[Ghoti Ichthus]

More beneficial would be limiting the charges per transaction. A penny per should be enough.

In any case, the difference between a dictatorship and a Constitutional Republic narrows if a President has the power to do stuff like this on his own.

Interest rates on credit cards are insane. A good solution would be to teach people to live below their means and not carry debt.

When an industry is ripping Americans off every way they can govmint regulation might be a good idea.

Charges per transaction should be $0 to both the cardholder and merchant/organization.

The cc companies and financial institutions make more than enough money on interest, service charges, late fees, and annual fees (some cards)
Easy enough to avoid these by paying off every month. Pick the right card(s) and use wisely, points effectively give discounts at specific places.

 

[Tall Timbers]

Charges per transaction should be $0 to both the cardholder and merchant/organization.

I think a penny per would likely pay for the costs involved, and there are some costs which should be directly recoverable.