Trump Proposes 10% Credit Card Interest Rate Cap: Key Details

• Donald Trump announced a proposal to cap credit card interest rates at 10% for one year, effective January 20, 2026.
• The announcement was made on Truth Social, citing current rates often exceeding 20-30%.
• This revives a 2024 campaign promise, with similar bipartisan proposals previously introduced in the US Congress.
• The White House has not detailed enforcement mechanisms for the proposed cap.
• Billionaire Bill Ackman criticized the proposal, warning it could lead lenders to cancel credit cards for many consumers.

Why It Matters: Donald Trump proposes a 10% credit card interest rate cap, sparking debate and concerns about implementation.