Trump calls for 10% cap on credit card interest

President Donald Trump proposed a 10% cap on credit card interest rates for one year on Friday, suggesting it would take effect on January 20, the first anniversary of his return to the White House.

He said the cap would help make credit more affordable for struggling families. He didn’t explain how it would be enforced or whether banks would have to follow it. 

He also blamed former President Joe Biden for high rates, even though his own administration had previously supported banks in blocking a rule that would have limited credit card fees.

Banking groups warned the plan could backfire. They said it might make it harder to get credit, especially for small businesses and lower-income families, and could push people toward costlier, less regulated options.