US Banks Warn Trump's 10% Credit Card Cap Could Restrict Credit Access

• US banking industry warns President Trump's proposed 10% credit card interest rate cap could limit credit access.
• Trump announced the cap, effective January 20, aiming to stop credit card companies from charging 20-30% interest.
• Five US banking associations support affordability but state a 10% cap would harm millions of American families and small businesses.
• They argue the cap would push consumers towards less regulated, more costly alternatives.
• Credit card debt exceeded $1.23 trillion by September, with interest rates ranging from 21% to 38%.

Why It Matters: Trump's proposed 10% credit card interest rate cap faces strong opposition from US banks.