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Trump Proposes 10% Cap on Credit Card Rates Amid Affordability Crisis

KVIA•Thursday, January 15, 2026 at 5:56 PM•CNN Newsource

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AI Summary

Former President Donald Trump has proposed a temporary 10% cap on credit card interest rates, set to take effect on January 20, 2025. This announcement comes as part of his campaign to address rising affordability concerns among Americans, which he attributes to the previous administration's policies. However, Trump's proposal has drawn criticism from the banking industry, which warns that such a cap could limit credit availability and negatively impact consumers and small businesses. The proposal marks a significant shift from Trump's previous stance, where his administration opposed similar regulations. As economic pressures mount, Trump's ability to convince voters of his effectiveness in improving affordability remains uncertain.

Key Details: • Proposed cap on credit card rates to start January 20, 2025. • Critics warn that the cap could reduce credit availability for consumers. • Trump's proposal follows a series of populist economic announcements aimed at addressing affordability.

economy trump affordability credit-cards banking

People & Organizations

Donald TrumpJoe BidenConsumer Financial Protection BureauAmerican Bankers AssociationBank Policy InstituteConsumer Bankers AssociationFinancial Services ForumIndependent Community Bankers of America

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