Ledger · 2024 campaign · № 220
Cap credit card interest rates at 10%
Still waiting“We're going to cap it at around 10 percent. We can't let them make 25 percent and 30 percent.”
- Promised
- , Campaign rally, Uniondale, New York (repeated Erie, Pa., Sept. 29, 2024)
- Stated deadline
- “temporary cap”
- Re-promised
- 8 times with a fresh deadline
- Topic
- Economy & prices
- Era
- 2024 campaign
What happened
Nothing happened for a year. On Jan. 12, 2026 Trump posted that 'Effective January 20, 2026, I... am calling for a one year cap on Credit Card Interest Rates of 10%,' but a president cannot set rates unilaterally. Speaker Mike Johnson said the next day it could have 'negative secondary effects,' the Hawley-Sanders bill remained stuck in committee as of February 2026, and Sen. Warren opened an inquiry into regulators' lack of progress. Meanwhile credit card debt hit a record $1.23 trillion and CFPB rollbacks cost families an estimated $18 billion in 2025.
Sources
- MAGA-Meter: Put a temporary cap of 10% on credit card interest rates
- Trump calls for a 10% cap on credit card interest rates
- Months After Trump Announced His January 20 Cap on Credit Card Interest Rates, Warren Questions Banking Regulators
- President Trump's Broken Promises and Americans' Ballooning Debts