Bank of America may introduce credit card with 10% APR

January 24, 2026

TL;DR

Bank of America is evaluating the creation of a new credit card to align with President Trump's proposed 10% interest rate cap.
President Trump aims to temporarily cap credit card rates at 10% for one year, citing consumer exploitation by issuers.
Details on the enforcement and scope of Trump's proposal are not yet available, leaving banks uncertain about compliance.
Credit card debt has reached a record high, with Americans owing $1.2 trillion in balances as of Q3 2025.
The banking industry questions Trump's authority to impose such a cap and warns of reduced credit availability and increased lending risks.
Financial experts suggest that Treasury Secretary Scott Bessent might advocate against a strict 10% cap to protect the economy.
Despite opposition, some companies like Bilt have already introduced credit cards with 10% APRs for one year.

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