Trump Proposes One-Year Limit on Credit Card Interest Rates at 10%
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On Friday, President Donald Trump made a significant announcement regarding credit card interest rates, proposing a one-year cap that would limit these rates to 10%. This bold move aims to address the rising costs that many Americans face when using credit cards.
Trump attributed the soaring interest rates, which have reached as high as 20–30%, to the policies of the Biden administration. He expressed his concern that American consumers are being “ripped off” by credit card companies, stating, “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.”
In a post on Truth Social, Trump emphasized the importance of affordability, declaring, “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%.”
President Donald Trump on Friday called for a one-year cap limiting credit card interest rates to 10%. (Anna Moneymaker/Getty Images / Getty Images)
Notably, this proposed cap would coincide with the one-year anniversary of Trump’s potential return to the White House. The announcement has sparked discussions about the implications for consumers and the credit industry.
For those interested in staying updated on this developing story, GET FOX BUSINESS ON THE GO BY CLICKING HERE.
This is a developing story. Please check back for updates.
Check out what’s clicking on FoxBusiness.com.
On Friday, President Donald Trump made a significant announcement regarding credit card interest rates, proposing a one-year cap that would limit these rates to 10%. This bold move aims to address the rising costs that many Americans face when using credit cards.
Trump attributed the soaring interest rates, which have reached as high as 20–30%, to the policies of the Biden administration. He expressed his concern that American consumers are being “ripped off” by credit card companies, stating, “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.”
In a post on Truth Social, Trump emphasized the importance of affordability, declaring, “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%.”
President Donald Trump on Friday called for a one-year cap limiting credit card interest rates to 10%. (Anna Moneymaker/Getty Images / Getty Images)
Notably, this proposed cap would coincide with the one-year anniversary of Trump’s potential return to the White House. The announcement has sparked discussions about the implications for consumers and the credit industry.
For those interested in staying updated on this developing story, GET FOX BUSINESS ON THE GO BY CLICKING HERE.
This is a developing story. Please check back for updates.
