Banks balk at Trump's call for credit card rate cap

Reviving a campaign pledge, President Trump wants a oneyear 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

- KEN SWEET AND SEUNG MIN KIM

PRESIDENT Trump wants a 10% cap in place by Jan. 20, marking a year since his second term began.

NAM Y. HUH Associated Press

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his "full support." Trump said he hoped it would be in place by Jan. 20, marking one year since his return to the White House.

Strong opposition is certain from Wall Street and the credit card companies, which donated heavily to his 2024 campaign and to support his second-term agenda.

"We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%," Trump wrote on his Truth Social platform.