Washington: US President Donald J. Trump has called for credit card interest rates in the United States to be capped at 10 percent for one year, saying the move would protect consumers struggling with high borrowing costs.
In a post on his social media platform Truth Social, Trump said the proposed cap should take effect from January 20, 2026. He argued that Americans are being burdened by excessive interest rates charged by credit card companies, with many cards currently carrying rates well above 20 percent.
Trump did not provide details on how the cap would be implemented or enforced. Under US law, interest rate limits would require approval from Congress, as a president cannot impose such caps on his own.
The proposal has drawn mixed reactions. Some lawmakers from both major parties have previously raised concerns about soaring credit card rates and growing household debt, suggesting there could be political support for action. However, critics said the announcement lacks substance without a clear legislative plan.
Democratic Senator Elizabeth Warren said a rate cap would mean little unless backed by a bill passed by Congress. Financial industry groups also warned that a strict cap could lead banks to reduce access to credit or introduce higher fees elsewhere, potentially hurting some consumers.
US credit card interest rates have climbed in recent years following interest rate increases by the Federal Reserve. Rising living costs and record levels of consumer debt have made credit card charges a major issue for many households.
For now, Trump’s call remains a proposal rather than a policy. Any change to credit card interest rates would depend on action by Congress and financial regulators in the months ahead.