President Trump has demanded a 10% cap on credit card interest rates, but no details on consequences for non-compliance have been provided. Researchers estimate Americans could save $100 billion annually with the cap. Bank lobbyists are uncertain, as current laws prohibit setting usury limits. Wall Street is wary of a showdown with the White House.

The credit card industry is in limbo as Trump pushes for the rate cap. Some companies, like JPMorgan and Citigroup, are resisting the idea, citing potential negative impacts on consumers and the economy. Fintech company Bilt, however, has proactively capped interest rates on new purchases at 10% for a year.

With Trump endorsing a bill that may reduce bank earnings from card transactions, uncertainty looms over the credit card industry. While major players like JPMorgan and Citigroup are hesitant, fintech companies like Bilt are taking proactive steps to meet demands. The future of credit card rates remains uncertain amid conflicting industry responses.

Read more at Yahoo Finance: As Trump’s deadline for a cap on credit card rates looms, banks have only questions and no answers