U.S. News
Trump Calls for Firm Credit Card Rate Cap
Clear Facts
- President Donald Trump announced a proposal to cap credit card interest rates at 10% for one year, starting January 20, 2026.
- Trump described the plan as a response to what he sees as excessive rates charged by credit card companies during the Biden administration.
- The average credit card interest rate as of January 2026 stands around 19.65%, with some new card offers averaging 22.35%.
President Trump shared on Truth Social that his administration will seek to temporarily limit credit card interest rates to 10% starting January 20, 2026. He stated this measure is designed to address what he considers to be abusive practices by financial companies.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!” Trump wrote.
He emphasized the effective date will mark the anniversary of his return to the presidency. Trump asserted the cap is part of a larger effort to shield working Americans from harmful corporate conduct.
“Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%.”
Industry data shows average interest rates on balances are near record highs, despite recent Federal Reserve interest rate cuts. As working families face higher costs, attention on consumer lending practices has grown.
Let us know what you think, please share your thoughts in the comments below.
