WASHINGTON, 9 January 2026 — Donald Trump said he is calling for a one-year cap on credit card interest rates at 10%, effective January 20, 2026, though he did not outline how the proposal would be implemented or enforced.
Trump reiterated a pledge he made during the 2024 presidential campaign, which analysts had previously questioned, noting that such a move would typically require Congressional approval.
“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%,” Trump wrote on Truth Social.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” he added.
Lawmakers from both major parties have raised concerns over high credit card interest rates. Republicans currently hold narrow majorities in both the Senate and the House of Representatives. While several legislative efforts have been introduced in Congress, none have yet become law, and Trump did not explicitly endorse any specific bill.
Opposition lawmakers have criticised Trump for not delivering on the pledge during his previous term.
The White House did not immediately respond to requests for clarification on how the rate cap would be enforced, but later stated on social media, without further detail, that the president was capping credit card interest rates.
Major US banks and credit card issuers, including American Express, Capital One Financial, JPMorgan Chase, Citigroup, and Bank of America, did not immediately respond to requests for comment.
Bipartisan interest, mixed reactions
Bipartisan concern over credit card rates has surfaced previously. US Senators Bernie Sanders and Josh Hawley had introduced legislation to cap credit card interest rates at 10% for five years, explicitly directing issuers to comply as part of consumer relief measures.
Separately, Democratic Representative Alexandria Ocasio-Cortez and Republican Representative Anna Paulina Luna introduced a House bill proposing a similar cap, highlighting cross-party interest in tackling high borrowing costs.
However, billionaire hedge fund manager Bill Ackman, who endorsed Trump in the election, criticised the proposal.
“This is a mistake,” Ackman wrote on X.
“Without being able to charge rates adequate enough to cover losses and earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.”
Last year, the Trump administration moved to overturn a credit card late-fee rule introduced under former president Joe Biden. The administration had asked a federal court to strike down a regulation capping late fees at US$8, arguing it was illegal. A federal judge subsequently invalidated the rule.
