Trump wants to cap credit card interest at 10% for a year
Donald Trump just pitched a one-year cap on credit card interest rates, setting the limit at 10%.
He announced it on Truth Social, saying it's meant to stop people from getting "ripped off" by sky-high rates (roughly 20%-25%, depending on the source).
The plan would kick in January 20, 2026—if Congress passes it.
The catch? A president can't make this change alone; lawmakers have to get on board.
Where did this idea come from, and what could it mean for you?
This isn't brand new—Trump floated the idea during his last campaign, and there's already a similar bipartisan bill from Senators Bernie Sanders and Josh Hawley.
For anyone carrying debt: if you owe $6,000, dropping your rate from today's average (22.3%) to 10% means your monthly payment could shrink by over $30 and save you $400+ in interest over time.
Not everyone's cheering
Banks say a strict cap might make them tighten up lending—especially for folks with lower credit scores—and could push some toward payday loans instead.
After the announcement, stocks of some credit-card companies fell.