Trump Proposes One-Year 10% Cap on Credit Card Rates

1 min read
Source: Bloomberg.com
Trump Proposes One-Year 10% Cap on Credit Card Rates
Photo: Bloomberg.com
TL;DR

President Trump proposed a one-year cap of 10% on credit card interest rates, targeting a highly profitable banking sector, but industry groups warn this could significantly reduce credit availability and harm consumers, especially riskier borrowers. The move has sparked debate over the impact on banks' profitability and consumer access to credit, with potential adjustments including higher fees and reduced rewards. The proposal faces resistance from banking trade groups and lawmakers, amid ongoing discussions about regulating interest rates.

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