Overview
- Trump proposed a one-year 10% ceiling on credit-card APRs for Jan. 20, but no major issuer adopted the cap by that date.
- JPMorgan’s CFO cautioned that many borrowers would lose access to credit, and CEO Jamie Dimon floated a pilot cap in Massachusetts and Vermont.
- A fintech executive warned a temporary cap could spur higher balances during the low-rate period and trigger a payment shock when rates reset.
- Industry groups predict widespread fallout, with one estimate saying up to 190 million Americans could lose card access under a 10% limit.
- Commentary highlights a concentrated market dominated by a few banks and the Visa-Mastercard duopoly, noting Trump’s support for the Credit Card Competition Act to expand routing options.