{"id":2697,"date":"2026-01-21T16:19:34","date_gmt":"2026-01-21T16:19:34","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/trump-urges-congress-to-enact-10-credit-card-interest-rate-cap\/"},"modified":"2026-01-21T16:19:34","modified_gmt":"2026-01-21T16:19:34","slug":"trump-urges-congress-to-enact-10-credit-card-interest-rate-cap","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/trump-urges-congress-to-enact-10-credit-card-interest-rate-cap\/","title":{"rendered":"Trump urges Congress to enact 10% credit card interest rate cap"},"content":{"rendered":"\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108254944\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108254944\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000401396\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>President Donald Trump on Wednesday urged U.S. lawmakers to pass legislation to limit credit card rates to 10%, following his social media post this month ordering banks to voluntarily lower their rates.<\/p>\n<p>&#8220;I&#8217;m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home,&#8221; Trump said from the World Economic Forum in Davos, Switzerland.<\/p>\n<p>&#8220;They charge Americans interest rates of 28%, 30%, 31%, 32%,&#8221; Trump said. &#8220;Whatever happened to usury?&#8221;<\/p>\n<p>Shares of banks climbed after the comments. The <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\">KBW Bank index<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> climbed 2.2% in morning trading. Capital One, which relies on cards for most of its revenue, climbed 1.9%.<\/p>\n<p>Among the options that the Trump administration had for applying pressure to American banks over card rates, the legislative path may be less threatening. A bill was introduced last year from Sen. Josh Hawley of Missouri and Sen. Bernie Sanders of Vermont that would limit card APRs at 10% for five years, but that bill has been stalled in Congress.<\/p>\n<p>Analysts including Sanjay Sakhrani of KBW have said its unlikely that a card bill will have enough bipartisan support to become law. Republican lawmakers, including House Speaker Mike Johnson, have expressed caution when it comes to card price controls.<\/p>\n<p>&#8220;&#8221;If this is the path, the odds of implementation are low,&#8221; Sakhrani said in an interview. &#8220;There is a lot of Republican leadership that opposes the idea&#8221; and other industries, including airlines and retailers, would be impacted by the policy.<\/p>\n<p>The episode may show the limits of President Trump&#8217;s ability to cajole the financial industry into voluntarily giving up billions of dollars in revenue to support his election-year affordability push.<\/p>\n<p>After Trump&#8217;s Jan. 9 Truth Social post on the rate cap, banks said on earnings conference calls that such a limit would have unintended consequences, including that lenders would simply\u00a0cancel accounts\u00a0for many card customers, especially those with lower credit scores.<\/p>\n<p>Privately, bankers and their lobbyists told CNBC they hoped to fend off the president&#8217;s request, since the most legitimate path for its enactment required legislation.<\/p>\n<p>Several large credit card lenders contacted by CNBC on Tuesday said they had made no changes to their interest rates, but they all declined to be identified.<\/p>\n<p>On Wednesday, JPMorgan Chase CEO Jamie Dimon told a Davos audience that the U.S. government should test out the rate cap in just two states, Vermont and Massachusetts.<\/p>\n<p>Doing so would teach &#8220;a real lesson&#8221; to those in favor of price controls, Dimon said.<\/p>\n<p>&#8220;It would be an economic disaster,&#8221; Dimon said. &#8220;In the worst case, you&#8217;d have a drastic reduction of the credit card business&#8221; for 80% of Americans, he said.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Donald Trump on Wednesday urged U.S. lawmakers to pass legislation to limit credit card rates to 10%, following his social media post this month ordering banks to voluntarily lower their rates. &#8220;I&#8217;m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[2571,1126,2637,166,2638,424,721,224,1334],"class_list":["post-2697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-cap","tag-card","tag-congress","tag-credit","tag-enact","tag-interest","tag-rate","tag-trump","tag-urges"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/2697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=2697"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/2697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/2698"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=2697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=2697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=2697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}