Trump calls for one-year cap on credit card interest rates at 10%

President Donald Trump said he is calling for a one-year cap on credit card interest rates at 10% starting January 20, 2026, but did not provide details on how it would be implemented or enforced; lawmakers have previously proposed similar 10% caps in Congress.

President Donald Trump announced on Jan. 9 that he is calling for a one-year cap on credit card interest rates at 10% to begin on January 20, 2026. He posted the statement on Truth Social and framed the move as protection for consumers. The announcement did not include procedural or enforcement details. Lawmakers from both parties have previously expressed concern about high credit card rates and proposed related legislation. Details reported: - The president called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, 2026, in a post on Truth Social. - The announcement did not specify how the cap would be implemented or how companies would be required to comply. - Senators Bernie Sanders and Josh Hawley previously introduced bipartisan legislation to cap credit card rates at 10% for five years, and Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna introduced a House bill to cap rates at 10%. - The White House did not immediately provide further details beyond social media statements. - Several major U.S. banks and credit card issuers named in reports did not immediately respond to requests for comment. Summary: The report describes a presidential call for a temporary 10% cap on credit card interest rates but presents it as a public pledge rather than a detailed policy announcement. Undetermined at this time.