U.S. President Donald Trump has urged the introduction of a temporary 10% cap on credit card interest rates for one year, arguing that American consumers are being “exploited.”
According to U.S. network CNN, Trump said in a post on the “Truth Social” platform that the proposed cap should take effect starting January 20, marking the first anniversary of his return to the White House. He did not, however, spell out how such a measure could be implemented, nor whether it would rely on a voluntary commitment from credit card companies or on government regulation to enforce it.
The U.S. president said the move is intended to boost “affordability,” a slogan he had already advanced during his election campaign in September 2024, as rising living costs increase pressure on American households.
The call comes as the cost-of-living crisis has become a growing concern for the American public and a political challenge for the current administration, after several years of cumulative inflation.
Major U.S. banking institutions have warned that capping interest rates could backfire. In a joint statement, they said the measure could reduce the availability of credit and harm consumers and small businesses, while pushing some customers toward less regulated and more expensive alternatives.
Analysts, for their part, believe that setting the cap too low could prompt banks to tighten lending standards, limiting access to financing for low-income households and borrowers with weaker credit histories, and widening economic disparities across society.
The White House and relevant banking authorities have not, to date, issued detailed official comments on the proposal.
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