President Trump on Friday called on credit card companies to cap interest rates at 10% for one year, beginning later this month.
“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!,” Trump wrote on Truth Social.
“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%,” he announced. “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.”
Trump first floated the idea of limiting annual credit card interest rates to 10% on the campaign trail.
“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump told a crowd of supporters at the Nassau Coliseum in September 2024.
Trump’s campaign trail proposal drew push back from banking groups, who argued government-imposed price controls would result in credit cards being given only to consumers with high incomes and excellent credit ratings.
The president’s campaign pledge came a month after average credit card interest rates surged to a record high of 21.76% in August 2024.
Under Trump, average interest rates have come down to just under 21% (20.97%) as of last November.
In response to the president’s campaign proposal, Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introduced legislation last year, shortly after Trump’s inauguration, that would immediately cap credit card interest rates at 10% for five years. The bill was referred to committee and did not come up for a vote.
“Fantastic idea. Can’t wait to vote for this,” Hawley wrote on X Friday, reacting to Trump’s latest announcement and signaling that congressional legislation would be needed to compel credit card companies to lower interest rates.
