Bank stocks slide after Trump calls for credit card interest rate limit
CNBC••general
Key Points:
- Banks and financial services stocks declined sharply after President Donald Trump proposed a one-year cap on credit card interest rates at 10%, starting January 20, 2026.
- Major banks like Citi Group, JPMorgan Chase, and Bank of America saw premarket losses ranging from 2.45% to nearly 4%, while payment companies Visa and Mastercard also fell.
- Broader financial firms, including Wells Fargo and PayPal, experienced declines, reflecting market concerns over the potential impact of the proposed interest rate cap.
- Trump announced the cap on his Truth Social platform, reiterating his campaign promise to protect consumers from high credit card interest rates but provided no further details on implementation.
- The proposal aims to prevent what Trump
