Donald Trump has announced plans to make a major change to credit card interest rates in an effort to stop Americans from being “overcharged” by financial companies—though experts warn the proposal may not be as straightforward as it sounds.
Credit card interest rates in the US have surged in recent years. According to MacroTrends data, rates rose sharply between February 2022 and August 2023, climbing from about 16.17 percent to 22.7 percent. The increases continued into the following year, peaking above 23.37 percent. While rates have eased slightly since then, they were still sitting at roughly 22.3 percent as of November 2025.
