Trump calls for 10% cap on credit card interest rates
U.S. President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10%, saying Americans have been “ripped off” by credit card companies. He announced the move on Truth Social but did not provide details on how it would be enforced or whether legislation would back it.
Lawmakers from both parties have expressed concerns about high credit card rates, with some previously proposing bipartisan bills to cap rates at 10%. Critics, including Democratic Senator Elizabeth Warren, say Trump’s call is meaningless without congressional approval, News.Az reports, citing Reuters.
Banking groups warned that a strict 10% cap could reduce credit availability and push consumers toward less-regulated alternatives. The proposal comes amid ongoing debate over consumer protection and the role of federal oversight in the U.S. financial sector.
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