Archive · 11 Jan 2026
Trump Proposes 10% Credit Card Rate Cap
President Donald Trump wants to limit credit card interest rates to 10% for one year starting January 20, 2026.
He says this will help Americans because many credit cards charge 20% to 30% or more in interest.
Trump made this announcement on his social media platform, Truth Social.
He didn't give many details, but he wants to make things more affordable for people.
This date also marks one year since he started his second term as president.
Some people in the financial industry are worried that this cap might make it harder for some people to get credit.
Billionaire Bill Ackman supports the idea but warns that it could cause millions of Americans to lose their credit cards, pushing them toward loan sharks.
President Trump proposed a 10% cap on credit card interest rates for one year starting January 20, 2026.
He stated this is to prevent Americans from being 'ripped off' by high interest rates of 20% to 30% or more.
The announcement was made on his social media platform, Truth Social.
The date coincides with the one-year anniversary of his second term as president.
The proposal may require legislative approval and could face legal and regulatory hurdles.
- Who
- U.S. President Donald Trump
- What
- Proposed a one-year cap on credit card interest rates at 10%
- When
- Starting January 20, 2026
- Where
- United States
- Why
- To prevent Americans from being 'ripped off' by high interest rates
Trump's Proposal
Financial Industry Concerns
Interest Rate Cap
Trump's Proposal
A 10% cap on credit card interest rates for one year to improve affordability for Americans.
Financial Industry Concerns
Opposition to interest rate caps, arguing they could restrict access to credit, particularly for higher-risk borrowers.
Implementation
Trump's Proposal
Positioned as a presidential action to address consumer-friendly measures.
Financial Industry Concerns
Requires legislative approval and could face legal and regulatory hurdles.
Impact on Subprime Borrowers
Trump's Proposal
Aims to protect all Americans from high interest rates.
Financial Industry Concerns
Could lead to millions of Americans having their credit cards canceled, pushing them toward informal and illegal lenders.
- Proposed Cap
- 10%
- Duration
- 1 year
- Start Date
- January 20, 2026
- Current Rates
- 20% to 30% or more
- Anniversary
- One year since Trump's second term began
- Platform
- Truth Social
- Purpose
- Improve affordability for Americans
- Implementation
- Requires legislative approval and could face hurdles
- Supporter
- Bill Ackman
- Concerns
- Potential loss of credit access for subprime borrowers
Sources
Trump calls for cap on US credit card interest rates at 10% for a year, starting January 20—Americans ‘being ripped off’
Trump calls for one-year 10% cap on credit card interest rates
Americans being ‘ripped off’: Trump makes big move on credit card interest rates
Donald Trump calls for a 10% cap on credit card rates in his latest appeal to affordability concerns
US President Donald Trump Announces One-Year Cap On Credit Card Interest Rates At 10%, Effective Jan 20
Trump proposes 10% cap on credit card interest rates from January 20. Details here
Donald Trump proposes 10% credit card interest rate cap for a year — How much would Americans save?
Trump calls for one-year 10% cap on credit card interest; Bill Ackman calls it 'a mistake'
Trump's 10% credit card interest rate cap call draws mixed reactions from Ackman, Warren, US banking groups
Trump says won't let Americans be 'ripped off,' offers relief from 20-30% credit card interest rates
Dangerous waters: How Trump's 10% credit card interest rate cap can turn into a gift for 'loan sharks'
Trump’s 10 pc credit card rate cap proposal raises hopes, and questions for India
Bill Ackman calls US President Trump’s credit card interest cap 'a mistake'
Americans ‘ripped off’ by credit card companies: Is Trump’s 10% interest cap a debt solution or political promise? - US News
Bill Ackman backs Trump’s credit card rate cap but warns of risk to subprime borrowers
‘Devastating for millions…’: US banks raise concern over Trump's plan for 10% cap on credit card interest rate
