The credit card industry went into high gear over the weekend following a social media post from President Donald Trump calling for a 10% cap on interest rates. This mirrors a pledge he made on the campaign trail, and it also aligns with a pair of proposed bills in Congress (one in the Senate and the other in the House) — though neither of these bills has seen any additional action since being referred to the chambers' respective committees in early 2025.
While we have more questions than answers right now, here's what you need to know about this development.
"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%."
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