The Electronic Payments Coalition and other banking industry groups late Monday warned that enacting President Trump’s proposed one-year 10% cap on credit card interest rates would cause the majority of credit card holders to lose access to credit.
President Trump, who first floated the proposal during his 2024 presidential campaign, broached the idea Friday in a post on the Truth Social platform, which is owned by the Trump Media & Technology Group. The president reiterated his stance during a press conference aboard Air Force One late Sunday.
Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) last year introduced legislation capping credit card annual percentage rates at 10%.