Texas Border Business
Texas Border Business
President Donald J. Trump has publicly called for a one-year cap on credit card interest rates at 10 percent, saying current rates are harming consumers and should no longer be allowed. The proposal was first announced by Trump in a post on his social media platform, Truth Social, and was later discussed by him in remarks to reporters that were posted by the White House.
In the Truth Social post, Trump wrote, “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.” He blamed those rates on what he described as a lack of action under the previous administration, adding that they “festered unimpeded during the Sleepy Joe Biden Administration.”
Trump said the proposal would take effect on January 20, 2026. “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%,” he wrote. He added that the date would “coincide with the one year anniversary of the historic and very successful Trump Administration.”
The statement framed the proposal as a consumer affordability measure. Trump emphasized the word “AFFORDABILITY!” in capital letters and said the goal was to stop what he described as excessive charges faced by everyday Americans.
After the social media post, Trump reiterated the idea in comments to reporters during a press gaggle aboard Air Force One. Video of those remarks was published on WhiteHouse.gov. In those comments, Trump again criticized credit card interest rates that he said can reach close to 30 percent and repeated his call for a 10 percent cap lasting one year.
The White House has not released a written fact sheet, executive order, memorandum, or proclamation explaining how the proposed cap would be implemented. The WhiteHouse.gov postings related to the issue consist of video pages that show Trump’s remarks, without transcripts or policy documents outlining the legal authority, scope, or enforcement.
Trump’s public statements do not specify how a 10 percent cap would be enforced, which types of credit cards would be covered, or which federal agencies would be responsible for carrying it out.
As of now, the proposal stands as a call by the president rather than a formal policy action. No legislation, executive order, or regulatory directive has been issued to implement the proposed interest rate cap.
