Trump calls for a 10% cap on credit card rates in his latest appeal to affordability concerns
CNN••general
Key Points:
- President Donald Trump proposed a one-year, 10% cap on credit card interest rates starting January 20, citing affordability concerns amid rising living costs.
- Trump did not clarify whether the cap would be voluntary for credit card companies or enforced through government action.
- The proposal marks a shift from Trump’s previous stance, as his administration had opposed Biden-era limits on credit card fees, siding with banks in legal challenges.
- Financial experts warn that capping interest rates could lead to stricter lending standards, potentially limiting credit access for lower-income Americans and worsening economic inequality.
- Trump’s announcement follows a series of populist economic proposals aimed at addressing affordability, but public opinion polls indicate skepticism about his effectiveness on economic issues.
