President Trump just announced tonight that on the anniversary of his inauguration, he will be calling for a cap on the interest rates credit card companies can charge.
He wants, at least for the next year, the cap to be 10%.
Here’s what he wrote:
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
I believe this something Congress would have to do, which is why Trump is ‘calling’ for it to happen. And clearly, Trump is looking toward the midterm elections with an issue like this. We’ll see how Congress reacts to this.
I have credit cards and am very responsible with them. The highest interest rate I’ve had to pay, however, was around 16% on a car repair last year that I chose to span over a few months. I’d never use a 30% apr credit card to pay for something like that, and thank goodness I don’t have to. But I’m sure millions of Americans do and this will undoubtedly be a winning issue if Trump can convince Congress to do it.