Trump wants to cap credit card interest at 10%
Donald Trump is pushing for a one-year cap on credit card interest rates at 10%, starting January 20.
He warned that companies must comply by January 20 or risk being "in violation of the law," and indicated that legal action could be taken against those who do not comply.
Why this matters now:
Credit card rates are currently above 20%, making borrowing expensive for many people.
After Trump's announcement, major bank stocks like Capital One and American Express took a hit, along with airline and retail shares tied to credit cards.
What others are saying:
Credit unions say a strict cap could mean fewer people—especially those with lower credit scores—get approved for cards, and fees might go up.
Meanwhile, Senator Bernie Sanders has also proposed a similar long-term rate cap in Congress, but analysts think it's unlikely to pass anytime soon.