A 10% rate cap would make large swaths of the credit card industry unprofitable, especially tied to customers with less-than-ideal credit, banks say.
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Bank executives were sent scrambling over the weekend after President Donald Trump declared late Friday that American credit card companies would be subject to a 10% cap on the interest rate they can charge customers.
The move sent shares of large banks including Citigroup
, JPMorgan Chase
, Wells Fargo
Trump's 10 percent cap on credit cards may hurt more than some imagine
Trump plan to cap credit card costs hits bank shares
Why a proposed 10% cap on credit card interest is rattling big banks | Fortune
Trump's proposed credit card cap spotlights Americans' debt. Would it help?
Trump wants credit card interest rates maxed at 10% for a year - UPI.com
Shares in US credit card issuers slide after Trump calls for 10% rate cap
Trump frena le revolving, si può anche qui?
Trump. “Tetto del 10% su interessi carte di credito”. Le banche: “Consumatori cercheranno altrove”
Wall Street hits back at Trump’s plan to limit interest on credit cards
Donald Trump calls for credit card interest rates to be capped at 10%
