Trump Calls For One-Year Cap On Credit Card Rates At 10%
It’s not clear whether credit card companies will respond to his call, or what actions he might take to force any change.
President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, without specifying details.
“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. AFFORDABILITY!” he wrote on social media.
It’s not clear whether credit card companies will respond to his call, or what actions he might take to force any change.
The post comes as the Trump administration intensifies efforts to demonstrate to voters that the president is addressing concerns about costs and prices that have emerged as a central issue in the November midterm elections.
Hours before Trump’s message, Senator Bernie Sanders, a Vermont independent, said on X: “Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards.”
The Bank Policy Institute said last year in a report about similar proposals by Congress that “while the proposed cap is a well-intentioned effort to reduce the high debt burden some households are facing, it would harm consumers’ access to card credit.”
“Bank cards, because of their relatively low minimum required monthly payments, are a vital and affordable source of backup liquidity for many households,” the institute said.
