Trump’s 10% Credit-Card Cap Would Hit Big Banks’ Crown Jewels
Bloomberg.com••business
Key Points:
- President Donald Trump has called for credit-card lenders to cap interest rates at 10% for one year, targeting a highly profitable segment of the banking industry.
- This demand follows a series of announcements aimed at making housing more affordable, shifting focus to the financial strain consumers face from high credit card interest rates.
- Major credit card issuers such as JPMorgan Chase, Capital One, and Citigroup are directly impacted by this proposal, which was announced via Trump's social media channels.
