President Donald Trump speaks during a meeting with oil executives in the East Room of the White House, Friday, Jan. 9, 2026, in Washington. (AP Photo)
US President Donald Trump has said he wants to cap credit card interest rates at 10% for one year, starting January 20. However, he is yet to explain how banks and card companies would be asked to follow the plan.
Trumps plan aligns with his promise during the 2024 election, which he went on to win. There have been attempts in the US Congress to introduce similar limits, but no such law has been passed so far.
In a Friday evening post on Truth social Trump said, “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%”.
He added that Americans had been treated unfairly by lenders charging high rates. “We will no longer let the American public be ‘ripped off’ by credit card companies that are charging interest rates of 20 to 30%, and even more,” he wrote.
Trump blamed the previous administration for allowing high rates to continue, saying the issue had “festered” before he returned to office. He also linked the proposal to affordability concerns, writing simply: “Affordability!”
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The White House did not immediately give details on how the president plans to enforce the cap. In a separate social media post, it said Trump was moving to limit credit card interest rates, Reuters reported.
Major US banks and card issuers, including American Express, Capital One, JPMorgan Chase, Citigroup and Bank of America, did not immediately respond to requests for comment.
Democratic lawmakers have criticised Trump in the past for not acting sooner on the pledge, despite raising it during the campaign.
Trump noted that January 20 would mark one year since the start of his new term as president, calling it the anniversary of what he described as a successful administration.
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President Donald Trump speaks during a meeting with oil executives in the East Room of the White House, Friday, Jan. 9, 2026, in Washington. (AP Photo) 
