Trump calls for 1-year cap on credit card interest rates at 10%

President Donald Trump announced Friday that he wants to impose a temporary federal cap on credit card interest rates.

In a Truth Social post, Trump said his administration will move to limit credit card interest rates to 10% for one year, starting Jan. 20, 2026. He added that the proposal is a direct response to what he described as widespread abuse by credit card companies charging interest rates as high as 20% to 30%, and sometimes more.

“Please be informed that we will no longer...