credit card interest rate cap: Your credit card interest rate not capped at 10 per cent yet? Here’s what to know?

The deadline has arrived for Donald Trump to lock the credit card interest rate at 10 percent, but have credit card interest rates been changed for customers in the US? According to reports, lenders have barely changed their credit card interest rates even after US President Donald Trump’s January 20 deadline.

According to a report in USA Today, baking and consumer experts claimed that no major companies followed President Trump’s directive.

President Trump said a week ago that he was giving the credit card industry until January 20 to meet his request for a 10 percent cap on interest rates. With just days to go, consumer groups, politicians and bankers remain uncertain about what the White House is planning and whether Trump is serious about the idea.

The White House did not provide any details about what will happen to credit card companies that have not reduced card interest rates so far. White House Press Secretary Karoline Leavitt said the president had an “expectation” that credit card companies would agree to a request to cap credit card interest rates at 10 percent.

“There’s no specific outcome that I can summarize for you, but it’s certainly an expectation and frankly a request that the president has made,” he said Friday.

A researcher who examined Trump’s proposal when he first presented it publicly during the 2024 presidential campaign found that Americans would save nearly $100 billion a year in interest if credit card interest rates were capped at 10 percent. The same researchers found that although the credit card industry has taken a big hit, it will still be profitable, although credit card rewards and other benefits may be reduced. The administration amplified this research and published it on one of the White House’s official Twitter pages.
Bank lobbyists, who spent much of last week trying to figure out what the White House had planned for their industry, were left in the dark. Bills have been introduced in both houses of Congress this year and in past years by both Republicans and Democrats, but Republican leadership in the House and Senate have been lukewarm to the idea of ​​introducing legislation that would cap interest rates. The Dodd-Frank Act, the law passed after the 2008 financial crisis that decimated the financial industry, expressly prohibits at least one federal bank regulator from imposing usury limits on loans.

Without a law or executive order, Trump could use political pressure to force the credit card industry to do what he wants, as he has done to other industries.