{"id":11024,"date":"2026-01-10T06:02:23","date_gmt":"2026-01-10T06:02:23","guid":{"rendered":"https:\/\/microvibenews.com\/?p=11024"},"modified":"2026-01-10T06:02:23","modified_gmt":"2026-01-10T06:02:23","slug":"trump-calls-for-one-year-cap-on-credit-card-rates-at-10","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=11024","title":{"rendered":"Trump calls for one-year cap on credit card rates at 10%"},"content":{"rendered":"

<\/p>\n

President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, without specifying details.<\/p>\n

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\u201cPlease be informed that we will no longer let the American Public be \u2018ripped off\u2019 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!\u201d he wrote on social media.<\/p>\n

It\u2019s not clear whether credit card companies will respond to his call, or what actions he might take to force any change.<\/p>\n

The post comes as the Trump administration intensifies efforts to demonstrate to voters that the president is addressing concerns about costs and prices that have emerged as a central issue in the November midterm elections.<\/p>\n

During the 2024 presidential campaign, Trump pledged to seek limits on the interest credit card companies can charge.<\/p>\n

Hours before his message on Friday, Senator Bernie Sanders, a Vermont independent, said on X: \u201cTrump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards.\u201d<\/p>\n

In a letter last year to Sanders and Senator Josh Hawley, a Missouri Republican, a group of banking trade groups painted a dire outcome for consumers if the government ever capped interest rates on credit cards at 10%, as the senators had proposed.<\/p>\n

\u201cMany consumers who currently rely on credit cards would be forced to turn elsewhere for short-term financing needs, including pawn shops, auto title lenders or worse \u2014 such as loan sharks, unregulated online lenders and the black market,\u201d the group wrote.<\/p>\n

The Bank Policy Institute said in a\u00a0report\u00a0last year that \u201cwhile the proposed cap is a well-intentioned effort to reduce the high debt burden some households are facing, it would harm consumers\u2019 access to card credit.\u201d The group also said such a move could force card issuers to reduce cardholder benefits, including lucrative rewards tied to purchases.\u00a0<\/p>\n

Responding to Trump\u2019s post on Friday, Hawley said on X: \u201cFantastic idea. Can\u2019t wait to vote for this.\u201d<\/p>\n<\/div>\n

#Trump #calls #oneyear #cap #credit #card #rates<\/p>\n","protected":false},"excerpt":{"rendered":"

President Donald Trump on Frid… <\/p>\n","protected":false},"author":1,"featured_media":11025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[581,19,6255,1869,8135,486,8136,905,599],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/11024"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11024"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/11024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/11025"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}