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Trump Proposes 10% Cap on Credit Card Interest Rates to Ease Burden

US President Donald Trump has announced a proposal to cap credit card interest rates at a maximum of 10 percent. The cap would take effect on January 20, 2026, and remain in place for one year. Trump criticized credit card companies for charging rates of 20-30% and blamed these high rates on the Biden administration. He framed the move as a critical step to stop consumers from being "ripped off" and to improve affordability.

Key Points: Trump Calls for 10% Cap on Credit Card Interest Rates

  • 10% cap on credit card rates
  • Effective January 20, 2026
  • One-year duration
  • Criticizes Biden-era policies
  • Aims to improve consumer affordability
2 min read

Trump calls for cap on credit card interest rates at 10%, effective Jan 20

President Trump announces a one-year 10% cap on credit card interest rates, effective Jan 20, 2026, criticizing high rates under Biden.

"we will no longer let the American Public be 'ripped off' by Credit Card Companies - Donald J. Trump"

Washington DC, January 10

US President Donald Trump has announced a one-year cap on credit card interest rates, proposing a maximum rate of 10 per cent, to be effective from January 20.

In a post on Truth Social, which was shared on X by The White House, Trump criticized credit card companies for charging interest rates ranging from 20 per cent to 30 per cent or higher, arguing that such rates have placed an undue financial burden on Americans.

He attributed the persistence of high interest rates to policies during the Joe Biden administration, framing the proposal as a measure aimed at improving affordability for consumers.

According to the post, the proposed cap would take effect on January 20, 2026, and would remain in place for one year.

Trump described the move as an effort to prevent what he characterized as consumers being "ripped off" by credit card companies.

The announcement emphasizes affordability as a central theme and highlights January 20 as symbolically significant, noting that it would coincide with one anniversary of Trump's administration.

"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! 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%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP," the post read.

- ANI

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Reader Comments

R
Rohit P
This is pure politics ahead of their election. A one-year cap? What happens after that? Rates will just shoot back up. It's a temporary gimmick, not a real solution. We need sustainable financial reforms, not headline-grabbing announcements.
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Arjun K
If this actually happens, it will put huge pressure on credit card companies. But will they just find other ways to charge customers? Late fees, annual charges might increase. The devil is in the details.
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Sarah B
As someone who has lived in both the US and India, the credit culture is so different. In India, there's more social stigma around debt. A cap like this might encourage more responsible spending if implemented well. But the one-year limit is puzzling.
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Vikram M
He's right about the burden of high interest. Many middle-class families in India are also trapped in credit card debt cycles. While the announcement is for the US, it starts an important conversation about predatory lending globally. 👍
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Karthik V
Respectfully, the tone is very combative and everything is blamed on the previous administration. Good policy should stand on its own merit, not just on criticizing opponents. The core idea of helping consumers is good, but the presentation is divisive.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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