Trump's 10% credit card cap deadline is here. Will card companies comply?
CBS News • • business
Key Points:
- President Trump set a Jan. 20 deadline for credit card companies to lower interest rates to 10% for one year, but most banks have not changed their rates and are pushing back due to lack of policy details.
- The proposed cap has bipartisan support and could save consumers $100 billion annually, but banks warn it may reduce credit access for millions, especially vulnerable borrowers.
- There is currently no law or executive order mandating a 10% interest rate cap, and experts say such a cap would likely require Congressional approval to be enforceable.
- Banks and credit unions argue that the cap would force them to cut credit lines or cancel accounts for many consumers, particularly those with subprime credit scores.
- JPMorgan Chase
