US banks concerned by Trump’s call to slash credit card rates

10% cap will make credit less available and hurt consumers and businesses, they say

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The US banking industry is warning that President Donald Trump’s plans to lower credit card costs would make credit less available and hurt consumers and businesses.

Mr Trump said on Jan 9 that effective Jan 20, the first anniversary of his administration, he was calling for a 10 per cent cap on credit card interest 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%,” he said on Truth Social.

Five associations representing US banks responded that they shared the President’s goal of helping Americans access “more affordable credit”.