President Donald Trump is pushing for a one-year, 10% cap on credit card interest rates, aiming to save Americans billions of dollars. The move faces opposition from the credit card industry, which heavily supported Trump’s campaign. Average interest rates range from 19.65% to 21.5%, with potential savings of $100 billion annually if rates are capped. Wall Street and credit card companies are expected to resist the proposal, which Trump hopes to implement by Jan. 20, 2026. Some lawmakers, including Sens. Bernie Sanders and Josh Hawley, have introduced legislation to cap rates at 10% for five years. The banking industry opposes the proposal, warning it could drive consumers to more costly options. Despite the opposition, Trump is determined to rein in credit card companies and lower costs for American families.

Read more at Yahoo Finance: Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk