Credit Card Interest Rates Could Be Capped At 10% For The Year, Trump Says
Credit card interest rates are expected to be ordered to pause at 10% for one year starting January 20, President Donald Trump announced on Friday night.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!” he posted to Truth Social.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!” the president continued.
Credit cards typically carry an interest rate of 23.79%, according to LendingTree. As of Q3 of 2025, Americans have $1.23 trillion in credit card debt, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data. Over 80% of Americans have a credit card, according to The Motley Fool.
It’s unclear if there will be subsequent legal action against the order. The move is one of several major financial actions the president has taken in recent days. On Wednesday, he announced he would be taking action to prevent “institutional” buyers from purchasing single-family homes, writing on Truth Social that “people live in homes, not corporations.”
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” he stated.
Then on Thursday, he directed a purchase of $200 billion in mortgage bonds in another move intended to tackle the cost of home ownership.
“This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable,” he said.
Trump has repeatedly referenced “affordability” in his messaging on economic policy in recent weeks, as the phrase has quickly turned into a marquee campaign trail tenet for the November midterms used by both parties.
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