Trump's 10% credit card cap deadline is here. Will card companies comply?

January 21, 2026

TL;DR

President Trump set a Jan. 20 deadline for credit card companies to lower interest rates to 10% for one year.
Most banks and card issuers have kept their rates unchanged, stating a lack of policy details for compliance.
The proposed cap has bipartisan support from some lawmakers, who estimate it could save consumers $100 billion annually.
The banking industry warns that a rate cap could force issuers to reduce credit access, disproportionately affecting vulnerable borrowers.
Credit card rates have been declining due to Federal Reserve rate cuts, with the average APR at 19.7% in late December.
Many banks already offer 0% APR introductory rates, with subsequent rates potentially rising significantly.
Experts suggest a rate cap would likely require Congressional approval, as an executive action may not be enforceable.
Fintech company Bilt is launching new credit cards with a 10% interest rate cap for one year.

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