"Ceiling" on credit card interest rates - Trump asks banks not to charge interest rates above 10%
US President Donald Trump has called on US banks to impose a one-year cap on credit card interest rates at 10% starting January 20. The date also marks Trump's first year in office. However, the president did not provide details on how he plans to persuade companies to implement such a rule; whether he is calling for voluntary participation by credit card companies or seeking government mechanisms to implement the proposal. Trump made this promise during the 2024 election campaign.
There have been several legislative efforts in Congress to pass such a proposal, but they have yet to become law. Democratic lawmakers have criticized President Trump for not keeping that campaign promise.
"Beginning January 20, 2026, I, as President of the United States, am calling for a 10% cap on credit card interest rates for one year," Trump wrote on Truth Social, without providing further details.
"Please understand that we will no longer allow the American public to be 'swindled' by credit card companies," Trump added. The White House did not immediately respond to a request for comment on the details of Trump's call, but said on social media that the president was imposing a fee cap.
Some of the largest U.S. banks and credit card issuers such as American Express, Capital One Financial Corp, JPMorgan, Citigroup and Bank of America did not respond to Reuters' request for comment.
The cost of living issue has become a growing source of frustration for many Americans and a political burden for Trump and Republicans. Years of pent-up inflation have added to price pressures, and Trump has blamed his predecessor, former President Joe Biden, for high credit card interest rates.
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