Proposal for 10% cap on credit card interest
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Trump’s 10% credit card rate cap explained: Are Visa, Mastercard, American Express at risk?
President Donald Trump has said he plans to cap credit card interest rates at 10% for one year, and the rule would likely go into effect later this month. ・Trump’s plan would rein in interest income for the financial services sector.
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Trump proposes a 10% credit card interest cap to stop Americans being “ripped off”. Explained: how it works, potential savings, risks, bank backlash, and whether it truly reduces debt.
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Trump’s 10% credit card interest cap sounds like consumer relief, but Wall Street is panicking, credit could tighten, and the politics behind the promise may matter more than the policy itself.
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President Donald Trump’s unexpected demand for a cap on credit card interest rates sent financial shares tumbling this week, leaving the heads of Wall Street’s biggest lenders fielding a swarm of questions on their quarterly earnings calls.