US banks eye 10% credit card rates after Trump's cap demand
Bank of America and Citigroup are thinking about rolling out new credit cards with a 10% interest rate, following President Trump's push for a one-year cap on high credit card rates.
Trump called for this change on social media, aiming to bring down rates that often hover between 20-30%.
Why does it matter?
Banks aren't thrilled about a universal rate cap—they say it could make it harder for people with lower credit to get approved and might slow down spending overall.
If these new low-rate cards happen, they'll likely come with fewer rewards and only be available to folks with excellent credit.
Meanwhile, newer players like Bilt have already launched 10% APR cards for the next 12 months, hinting at a shift toward more affordable options—but Congress doesn't seem ready to pass any laws just yet.