In his statement on social media,, external Trump said: “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%.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” he added.
On Sunday, speaking to reporters on Air Force One, Trump said credit card companies would be “in violation of the law” if they did not comply with his demands.
Shares in US banks fell in premarket trade on Monday, with JPMorgan Chase down 3.2% and Bank of America falling 2.5%. Among the credit card firms, American Express fell 4%, Visa dropped 1.2% and Mastercard was 2% lower.
However, US lawmakers have said such a cap would require a bill to passed by Congress.
“Begging credit card companies to play nice is a joke,” Democrat Senator Elizabeth Warren said on X., external
“I said a year ago if Trump was serious I’d work to pass a bill to cap rates. Since then, he’s done nothing but try to shut down the CFPB [Consumer Financial Protection Bureau]”.
Early last year, US Senators Bernie Sanders and Josh Hawley had introduced bipartisan legislation which aimed to cap interest rates on credit cards at 10% for five years, but it has yet to make it into law.
In April 2025, the Trump administration moved to throw out a regulation capping credit card late fees at $8. The rule had been brought in by President Joe Biden’s administration as part of a crackdown on “junk fees”.
