Former U.S. President Donald Trump announced a credit card interest rate cap of 10% on Friday. He said it would take effect on January 20, 2026. He posted the message on Truth Social, vowing to stop credit card companies from “ripping off” Americans. However, he gave no details on how to enact or enforce the policy.
Trump first made this promise during his 2024 presidential campaign. Yet he has not introduced any bill, executive order, or regulation to make it happen. The White House did not provide further explanation when asked. Later, it posted a short social media message backing the idea—but offered no specifics.
Lawmakers from both parties share concerns about high credit card rates. Many borrowers now pay over 20% interest, with some facing rates above 30%. As a result, bipartisan efforts have emerged in Congress.
For instance, Senator Bernie Sanders (I-VT) and Senator Josh Hawley (R-MO) introduced a bill to set a 10% credit card interest rate cap for five years. Their proposal would legally require issuers to comply. In the House, Representative Alexandria Ocasio-Cortez (D-NY) and Congresswoman Anna Paulina Luna (R-FL) filed a similar measure. This rare cross-aisle cooperation shows strong interest in reform.
Still, none of these bills have become law. Therefore, Trump’s announcement lacks a clear path forward. Critics—including opposition lawmakers—say he has failed to deliver on this campaign pledge, even after returning to office.
Major credit card companies have not responded yet. These include American Express, Capital One, JPMorgan Chase, Citigroup, and Bank of America. Industry groups typically oppose rate caps. They argue such rules could limit credit access for people with lower incomes.
Meanwhile, the Trump administration recently rolled back a Biden-era consumer rule. Last year, it asked a federal court to strike down a regulation that limited credit card late fees to $8. The administration sided with banking lobbyists who claimed the rule was illegal. A judge later overturned it.
In short, the push for a credit card interest rate cap reflects real public frustration. But without legislation or enforcement tools, it remains a promise—not policy. Consumers should watch Congress closely and review their card terms carefully.
