Overview
- President Donald Trump called for a one-year 10% ceiling on credit-card interest starting Jan. 20, though the White House has not detailed enforcement and has described the cap as an expectation without specified penalties.
- National Economic Council Director Kevin Hassett said the administration is talking with major banks about issuing voluntary “Trump cards” capped at 10%, signaling a path that may not require new legislation.
- Regulatory experts say a binding national cap likely cannot be imposed by executive action and would require Congress, where past efforts have stalled and Republican leaders have shown little support.
- Bank executives warned a 10% cap would tighten underwriting, reduce credit access and shrink rewards, and the proposal weighed on financial stocks and dominated earnings-call questioning across Wall Street.
- One fintech, Bilt, introduced cards with a 10% cap on new purchases for a year, and researchers estimate consumers could save about $100 billion annually under a cap even as rewards and card features are pared back.