Trump's Jan. 20 deadline for a 10% cap on credit card rates draws uncertainty

President Donald Trump told the credit card industry it had until Jan. 20 to comply with his demand for a 10% interest-rate cap; the White House has not detailed enforcement or consequences.

President Donald Trump last week told the credit card industry it had until Jan. 20 to comply with his demand for a 10% cap on interest rates. The White House has not set out specific enforcement measures or penalties for companies that do not lower rates. White House officials described the cap as an expectation and a demand, but offered no detailed next steps. Some bank leaders and lobbyists have pushed back, while at least one fintech, Bilt, said it would cap new-purchase rates at 10% for a year. Key points: - Trump gave the industry until Jan. 20 to meet a 10% cap on credit card interest, as reported. - The White House has not provided specific enforcement details or penalties and has framed the cap as an expectation. - Some bank executives and lobby groups oppose a legal cap, while fintech company Bilt announced a temporary 10% cap on new purchases. Summary: Officials have not described how the cap would be enforced and have not specified penalties. The next notable date is Jan. 20. Undetermined at this time.