JPMorgan Chase is pushing back on President Trump’s proposed 10% cap on credit card interest rates, with the bank’s top finance executive warning that the move would be “very bad for consumers” and force a radical overhaul of one of Wall Street’s most profitable businesses.
“If it were to happen, it would be very bad for consumers, very bad for the economy,” JPMorgan Chief Financial Officer Jeremy Barnum said on the bank’s earnings call on Tuesday.
If the cap is implemented, the company’s credit card operation “would be a business that we would have to significantly change,” the exec added.
Barnum said “everything is on the table” as it relates to the bank’s response to the proposal.
The bank’s CEO Jamie Dimon echoed those remarks, saying, “You would have to adjust your model for the added risk by this and ongoing price controls.”
“It would be dramatic,” he observed during the call with analysts.
Asked for comment, a White House spokesperson said, “President Trump pledged to turn the page on Joe Biden’s affordability crisis, and the Administration is committed to using ever lever of power to deliver,” adding that additional details on Trump’s credit card policies would be “forthcoming.”
JPMorgan is the nation’s largest credit card issuer by outstanding balances.
As of 2025, the lender held about $211 billion in outstanding credit card balances — roughly 18% of the US market — according to industry estimates.
The bank’s US credit card loan book stood at roughly $235 billion as of the third quarter of 2025 and was projected to rise further following its agreement to take over Apple’s credit card portfolio.
Trump has been escalating pressure on the card industry, urging lawmakers to back the Credit Card Competition Act — a bipartisan measure that would allow retailers to route transactions away from Visa and Mastercard.
In a Tuesday social media post, the president said the measure would “stop the out of control Swipe Fee ripoff,” signaling that his crackdown now extends beyond interest rates to payment networks themselves.
The legislation would require large banks to give merchants the option to route transactions over networks other than Visa and Mastercard, striking directly at a lucrative fee structure that the card industry has long defended.
The proposed Credit Card Competition Act does not explicitly single out Visa or Mastercard, but it is structured to weaken their grip on the credit card ecosystem.
The bill would force large banks to offer merchants multiple routing options, allowing transactions to bypass the dominant networks that currently control most US card payments.
Sen. Dick Durbin (D-Ill.) and Sen. Roger Marshall (R-Kan.) on Tuesday reintroduced the bill, which has been championed for years by major retailers eager to lower processing costs.
The renewed push has rattled markets but drawn skepticism on Capitol Hill, where bank allies have historically blocked the bill.
Analysts say passage remains unlikely despite Trump’s backing, framing the move as part of a broader election-year effort to blame Wall Street for high prices and rising costs punishing consumers.
Shares of Visa were down nearly 4% as of 2 p.m. Eastern Time on Tuesday, while Mastercard’s stock price was down more than 3.5%. The Post has sought comment from both companies.
