On January 10, 2026, President Donald Trump called for a temporary, one-year cap on credit card interest rates. The proposal sets the maximum rate at 10%.
Trump announced the move via social media, stating it would take effect January 20, 2026. He argued the cap would prevent credit card companies from charging rates of 20-30% or higher, stopping them from "ripping off" the American public.
Major banking groups, including the American Bankers Association, immediately opposed the plan. American Express (AXP) was specifically listed as a company affected by the potential policy shift.
In a joint statement, the groups argued the cap would ultimately harm consumers. They claimed the policy would push the public toward less regulated and more costly forms of credit.