US President Donald Trump has called for a one year cap on credit card interest rates of 10%. In a new social media post, he announced that Americans will no longer be “ripped off” by credit card companies charging interest rates up to 30% or more.
In his usual fashion, Trump took to his Truth Social platform on Friday (US time). Without getting into much detail, he simply declared, “Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!”
Even the White House’s official SNS account re-shared the huge news, as Trump said the changes would be effected January 20, 2026, which marks the one year anniversary of his second presidential inauguration.
His major announcement on credit card interest rates comes just days after he demanded “representatives” to buy $200 billion in mortgage bonds, pushing for lower interests and months payments. Trump also said he was stopping “large institutional investors” from buying single-family homes. Signing an executive order, he said that he would limit defence contractors’ corporate spending.
HUGE: President Donald J. Trump announces a one year cap on Credit Card Interest Rates of 10% effective January 20, 2026. 💸 pic.twitter.com/WKJ4Fk4SnC
— The White House (@WhiteHouse) January 10, 2026
Other leaders respond
US Senator Bernie Sanders, who is a staunch Trump critic, took to his official X account and wrote: “Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards. The result? Last year, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable.”
Meanwhile, billionaire hedge fund manager Bill Ackman called Trump’s announcement a “big mistake.” Taking to his X account, he wrote, “Without being able to charge rates adequate enough to cover losses and to earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.”
In a follow-up message, he added, “In order to bring down credit card rates, we need more innovation and competition among credit card lenders. Regulatory changes that enable new entrants could lead to a reduction in rates.”
This is a breaking story. More Information will be added soon…