Bank stocks slide after Trump calls for credit card interest rate limit

Banks and financial services stocks fell on Monday after US President Donald Trump called for a 10% one-year cap on credit card interest rates.

Citi Group It lost nearly 4% in premarket trading and JPMorgan Chase It decreased by 3%. Bank of America down 2.45% Visa fell 1.58% and MasterCard In red it was 2%.

Broader financial names also affected Wells Fargo We lost 2% and PayPal It fell by 0.26 percent.

The limit will go into effect on January 20, according to a post on Truth Social on Friday, but Trump did not provide additional details on how it would work.

Reiterating the promise he made during the 2024 presidential campaign, Trump said, “Effective January 20, 2026, I, as the President of the United States, call for a 10% one-year ceiling on Credit Card Interest Rates.”

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

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