President Donald Trump’s call for a temporary 10% cap on credit card interest rates, if implemented, could have significant impacts — both positive and negative — for borrowers.
“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%,” Trump wrote on Truth Social on Friday.
The president did not provide details on how his plan would come to fruition or how he planned to make credit card issuers comply. It is also unclear whether Trump’s proposal would pertain to new or existing balances.
A White House official told CNBC that additional details on the president’s proposal would be forthcoming.
“A credit card rate cap is enormously popular with Americans,” said Matt Schulz, chief credit analyst at LendingTree. “That’s why we’ve seen big names on both sides of the aisle propose credit card rate caps in recent years, including President Trump, who also floated the idea while on the campaign trail in 2024.”
