Major change could soon be coming to US credit cards as Trump vows to not let Americans be ‘ripped off’

Major change could soon be coming to US credit cards as Trump vows to not let Americans be ‘ripped off’

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In a recent post on Truth Social, Trump said he plans to impose a temporary cap on credit card interest rates, limiting them to 10 percent for a 12-month period. He argued that this move would prevent consumers from being “ripped off” by credit card companies.

What Trump has proposed

Trump wrote that Americans would no longer be exploited by credit card issuers charging interest rates between 20 and 30 percent—or higher—claiming these practices went unchecked under the Biden administration. He framed the proposal as a matter of affordability for everyday Americans.

According to Trump, the 10 percent cap would take effect on January 20, 2026, and would last for one year. He also noted that the date would coincide with the anniversary of what he described as a successful year of his administration.

This idea is not new. During his 2024 campaign, Trump made similar promises, telling voters that his administration would introduce a temporary limit on credit card interest rates to reduce financial strain.

Why the plan could have unintended consequences

Despite sounding consumer-friendly, banking and financial industry groups have raised serious concerns about the proposal. Several major organizations—including the Bank Policy Institute, the American Bankers Association, and the Consumer Bankers Association—issued a joint statement cautioning that a strict 10 percent cap could do more harm than good.

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