US Banking Groups Warn 10% Credit Card Interest Cap Could Be 'Devastating' for Consumers

• Leading US banking groups oppose President Trump's proposal for a 10% credit card interest rate cap.
• They warn the cap could reduce credit access for millions of American families and small businesses.
• Banking groups suggest a 10% cap might push consumers towards less regulated, more expensive credit alternatives.
• President Trump announced a temporary 10% cap on credit card interest rates for one year, effective January 20, 2026.
• Billionaire investor Bill Ackman criticized the proposal, fearing lenders might cancel cards, forcing users to other credit forms.

Why It Matters: US banking groups warn Trump's proposed 10% credit card interest cap could harm consumers by limiting credit access.