As Trump's deadline for a credit card rate cap looms, banks have only questions
ABC News • • business
Key Points:
- President Trump set a Jan. 20 deadline for the credit card industry to cap interest rates at 10%, but the White House has not specified consequences for non-compliance, leaving uncertainty about enforcement.
- Research suggests a 10% cap could save Americans about $100 billion annually in interest, though it may lead to reduced credit card rewards and perks; the administration has publicly promoted these findings.
- Bank lobbyists and industry leaders are unclear on the White House’s plans, with some executives opposing the cap but expressing willingness to collaborate on affordability issues.
- Without legislative or executive action, Trump may rely on political pressure to compel the industry to comply, similar to his previous demands on pharmaceutical pricing and domestic manufacturing.
- Some companies
