economy
January 18, 2026
As Trump’s deadline for a cap on credit card rates looms, banks have only questions and no answers
NEW YORK (AP) — President Donald Trump a week ago told the credit card industry it had until Jan. 20 to comply with his demand for a 10% cap on interest rates. With just days to go, consumer groups, politicians, and bankers alike remain unclear on what the White House has planned and whether Trump even remains serious about the idea.
TL;DR
- President Trump has demanded a 10% cap on credit card interest rates by January 20th.
- The White House has not detailed consequences for companies that do not comply.
- Consumer groups estimate a 10% cap could save Americans $100 billion annually.
- The credit card industry, including JPMorgan and Citigroup, has expressed opposition and concerns about economic impacts.
- Some industry representatives have indicated a willingness to collaborate with the administration on affordability.
- Previous Trump administration demands to other industries, like pharmaceuticals and tech, resulted in some companies making concessions.
- Fintech company Bilt has launched new credit cards with a 10% introductory rate cap, potentially setting a precedent.
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