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Donald Trump has called for a one-year cap on credit card interest rates of 10% from January 20, saying that his administration will no longer let the American Public be “ripped off” by credit card companies. The date marks the anniversary of his second term as US president.
United States President Donald Trump on 10 January (IST) called for a one-year cap on credit card interest rates of 10% from January 20, marking a year since he began his second term in the post.
“Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration,” Donald Trump said wrote on his social media platform Truth Social.
While he did not give out specifics, Donald Trump said the move is aimed at improving “affordability” for the Americans, stating: “Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more…”
What did Donald Trump say? Read full text below:
In his post Donald Trump also blamed predecessor “Sleepy Joe” Biden for letting “credit card interest rates of 20 to 30%, and even more, which festered unimpeded” during the previous administration.
Reactions to Donald Trump’s announcements
On microblogging site X (formerly Twitter), the official account reposted the US president’s Truth post as a graphic with no additional information, but called it “HUGE”. Reuters said it reached out to the White House for details on Donald Trump’s announcement, but there was no immediate response.
The agency added that there was no immediate response from major American banks and credit card issuers either including, American Express, Bank of America, Capital One Financial Corp, Citigroup and JPMorgan.
(This is a breaking story, more updates to come…)
