Trump included a call to limit credit card interest rates in a late-night post (Saturday, Polish time) on his Truth Social social networking site.
“As of January 20, 2026, as President of the United States, I call for a one-year cap on credit card interest rates of 10 percent.” – wrote US President Donald Trump.
The US media note that the date is not accidental – January 20 is the first anniversary of Donald Trump's return to the White House.
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“Please be advised that we will no longer allow Americans to be defrauded by credit card companies.” – added the US president in the entry.
Limiting credit card interest rates is one of the promises that Donald Trump made in the 2024 election campaign. However, as then, it is not clear how the president wants to achieve this, because such a change would require an act of Congress. So far, none of the proposed projects on this matter – supported mainly by Democrats – have been processed.
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Groups representing the banking sector believe that such a large limitation in interest rates – currently the average rate is approximately 20 percent. — will reduce the availability of credit cards for a large portion of Americans. The proposal was also criticized by some of Trump's supporters from the financial world.
As noted by CNBC, the Trump administration abolished the regulations introduced by Joe Biden last year limiting penalties for late card repayments to $8, supporting the industry's demands.
“The issue of the cost of living has become a source of growing frustration for many Americans and a political burden for Trump and Republicans. Years of rising inflation have resulted in price pressure, and Trump blamed his predecessor, former President Joe Biden, for high credit card interest rates,” emphasize CNN's commentators.
