In a recent post on Truth Social, Trump said he plans to impose a temporary cap on credit card interest rates, limiting them to 10 percent for a 12-month period. He argued that this move would prevent consumers from being “ripped off” by credit card companies.
Trump wrote that Americans would no longer be exploited by credit card issuers charging interest rates between 20 and 30 percent—or higher—claiming these practices went unchecked under the Biden administration. He framed the proposal as a matter of affordability for everyday Americans.
This idea is not new. During his 2024 campaign, Trump made similar promises, telling voters that his administration would introduce a temporary limit on credit card interest rates to reduce financial strain.
Despite sounding consumer-friendly, banking and financial industry groups have raised serious concerns about the proposal. Several major organizations—including the Bank Policy Institute, the American Bankers Association, and the Consumer Bankers Association—issued a joint statement cautioning that a strict 10 percent cap could do more harm than good.
