Trump calls for cap on credit card rates at 10pc

US President Donald Trump is calling for a one-year cap on credit card interest rates to be 10 percent starting January 20, but he has not provided details on how his plan will come true or how he plans for companies to comply.

Trump also promised to win during the 2024 campaign, but analysts at the time dismissed that as such a move would require congressional approval.

Lawmakers from both the Democratic and Republican Parties have expressed concerns about the high rates and called for them to be addressed.

Republicans hold slim majorities in both the Senate and the House of Representatives.

There have been some legislative efforts in Congress to implement such a proposal, but they have not yet become law and Trump has not offered explicit support for any bills in his office.

Opposition lawmakers criticized Republican Trump for breaking his campaign promise.

“Effective January 20, 2026, I, the President of the United States, am calling for a 10 percent one-year cap on Credit Card Interest Rates,” Trump wrote on Truth Social on Friday, without providing further details.

“Please remember that we will no longer allow the American People to be ‘robbed’ by the Credit Card Companies.”

US Senator Elizabeth Warren, a Democrat on the Senate banking committee, said Trump’s call was meaningless without passing a bill in Congress.

“Begging credit card companies to be nice is a joke. I said a year ago that if Trump was serious, I would work to pass a bill that would cap interest rates,” Warren said, criticizing Trump’s attempts to gut the U.S. Consumer Financial Protection Bureau.

The White House did not immediately respond to a request for comment on the details of the call from Trump, but said on social media that the president had capped rates without elaborating.

Some major U.S. banks and credit card providers, including American Express, Capital One Financial Corp, JPMorgan, Citigroup and Bank of America, did not respond to a request for comment.

Some banking advocacy groups said in a joint statement that a 10 percent interest rate cap would “reduce the availability of credit” and “simply drive consumers to less regulated, more costly alternatives.”

The statement came from the Consumer Bankers Association, Banking Policy Institute, American Bankers Association, Financial Services Forum and Independent Community Bankers of America.