Trump plans 1-year 10% credit card rate cap
On January 10, 2026 , President Donald Trump announced a proposal to temporarily cap credit card interest rates at 10% , framing the move as a step to protect consumers from what he described as “exploitative” lending practices by major credit card issuers. The cap would take effect January 20, 2026 and remain in place for one year , coinciding with the first anniversary of his administration’s return to the White House . What Trump Announced In a post on his social media platform Truth Social , Trump said the move would end what he characterized as credit card companies “ripping off” Americans with interest rates in the 20%–30% range — rates that he said had persisted under the previous administration. He pledged that the new cap would limit credit card interest to 10% starting January 20. While Trump framed the policy as a major affordability initiative, details on how it would be implemented — or whether it requires congressional approval — were not provided in the initial announcement. …
