Trump proposes a 10% maximum interest rate on credit cards for one year in a post on Truth Social

Trump Proposes Temporary 10% Limit on Credit Card Interest Rates

• Former President Donald Trump has suggested implementing a one-year cap of 10% on credit card interest rates.

• Such a measure cannot be enacted by the president alone and would require approval from Congress.

• Trump has also recently introduced initiatives aimed at making housing more affordable.

In his latest move against major corporations, Trump has shifted his focus to the banking sector.

On Friday, through a post on Truth Social, Trump declared his intention to push for a 10% ceiling on credit card interest rates for a year.

"We will no longer allow credit card companies to exploit Americans with interest rates ranging from 20% to 30% or higher, a problem that persisted during the Biden administration," Trump stated.

"Starting January 20, 2026, as President, I will advocate for a one-year 10% cap on credit card interest rates," he continued, noting that this date marks the anniversary of his previous administration.

The White House did not immediately respond to inquiries regarding Trump's proposal. It is important to note that the president does not have the authority to impose such a cap without legislative action from Congress. Previous attempts to pass similar legislation have not succeeded.

When asked for comment, representatives from Chase and Citi referred to a joint statement from several banking associations, including the Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum, and Independent Community Bankers of America. The statement expressed support for making credit more affordable for Americans.

"However, research indicates that a 10% cap would actually reduce access to credit and could harm millions of families and small businesses who depend on credit cards," the organizations said. "Such a limit could push consumers toward less regulated and more expensive lending options."

The announcement from Trump came shortly after Senator Bernie Sanders criticized him on X for not yet introducing a formal plan to cap credit card interest rates, a promise made during Trump's 2024 campaign.

"Trump pledged to limit credit card interest rates to 10% and rein in Wall Street. Instead, he rolled back regulations on big banks, allowing rates to soar to 30%," Sanders wrote. "As a result, last year, JPMorgan CEO Jamie Dimon earned $770 million. This is unacceptable."

Additional Context on Trump's Financial Policies

Early in his second term, the Trump administration reduced funding for the Consumer Financial Protection Bureau, the federal agency tasked with ensuring fairness and competition in financial markets.

The recent announcement on Truth Social is part of a broader series of actions Trump has taken this week targeting large corporations.

• Earlier, he directed his representatives to purchase $200 billion in mortgage bonds to help lower interest rates and monthly payments.

• He also announced a ban on large institutional investors purchasing single-family homes and signed an executive order to restrict corporate spending by defense contractors.