Trump calls for limiting credit card interest rates to 10% for one year

President Donald Trump said Friday night that beginning January 20, he'll be calling for a one-year cap on credit card interest rates of 10%, which will coincide with the one-year anniversary of his second term.

The move mirrors a bipartisan proposal from New York Democratic Rep. Alexandria Ocasio-Cortez and Florida GOP Rep. Anna Paulina Luna last year. Missouri Republican Sen. Josh Hawley and Vermont Independent Sen. Bernie Sanders filed a companion bill in the Senate.

Trump claimed in a post on Truth Social that credit card companies charged high interest rates that went ignored by the Biden administration, though he did not indicate how he would enforce the new restriction. 

"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% ... which festered unimpeded during the Sleepy Joe Biden Administration," Trump wrote. 

"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%," he continued. "Coincidentally, the January 20 date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.