Money

Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk

January 10, 2026

President Trump has proposed a one-year cap on credit card interest rates at 10%, effective January 20, coinciding with the anniversary of his second inauguration. While he claims this measure could save consumers billions, it faces skepticism from both the banking industry and lawmakers regarding its implementation without Congressional approval.

Trump Credit Cards Interest

Credit: Yahoo

Key Highlights

Trump's proposed cap is set to take effect on January 20, 2026.
The interest rate cap aims to save Americans tens of billions of dollars.
Critics question the legality of implementing the cap without Congressional approval.
The banking industry has expressed immediate opposition to the proposal.
The announcement revives a campaign pledge from Trump.

Business Trump administration Donald Trump US news US politics Elizabeth Warren Bernie Sanders Credit card fees Consumer affairs

Sources

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk

Key Highlights

Sources

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