Overview
- President Donald Trump called for a one-year 10% cap on credit card rates starting Jan. 20, but experts say a binding cap would likely require congressional action.
- National Economic Council Director Kevin Hassett said the administration is discussing bank-issued 'Trump cards' that would voluntarily carry a 10% rate for qualifying customers.
- Reuters and other outlets report the White House is also weighing executive options, though banks note there is no legal requirement to comply by the stated deadline.
- Bank leaders from Citigroup, JPMorgan Chase, and Bank of America warned a mandated cap would restrict access to credit and weigh on the economy as financial stocks fell on the headlines.
- Analysts expect possible industry responses such as no‑frills low‑rate cards, tighter underwriting, and reduced rewards, while research cites potential consumer interest savings near $100 billion and industry groups warn of widespread account restrictions under a mandate.