Washington, Jan 10 (UNI) President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10 percent, starting January 20, saying Americans are being “ripped off” by credit card companies.
The date marks the one-year anniversary of his return to the White House.
Trump did not clarify whether the cap would be voluntary for lenders or enforced through government mechanisms, citing only “AFFORDABILITY!” as the reason.
“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. 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%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration,” He wrote on Truth Social.
Trump’s call to cap credit card interest rates marks a notable reversal of his previous stance. Last year, his administration ended an USD 8-per-transaction credit card fee limit introduced by the Biden administration, which was estimated to save families over USD 10 billion annually.
A federal judge blocked the rule in 2024, and Trump’s team sided with banks in opposing its implementation. Now, he is advocating for limits on credit card costs, despite previously opposing such measures.
CNN reported that this move by Trump could exacerbate the so-called K-shaped economy in which America’s wealth gap has widened. While many wealthier Americans have enjoyed years of double-digit stock market gains, advancing home prices and rising wages, those earning less have been squeezed by the combination of higher prices, debt and a slowing job market.
A recent CNN poll found 61 percent of Americans believe Trump’s policies have worsened economic conditions, while the New York Fed reported that Americans’ expectations of finding a job have fallen to an all-time low. The president’s push also intersects with his long-running efforts to curb the Consumer Financial Protection Bureau, which oversees the financial sector and protects consumers.
