{"id":3194,"date":"2026-01-21T15:37:34","date_gmt":"2026-01-21T15:37:34","guid":{"rendered":"https:\/\/www.finznest.com\/blog\/trump-urges-congress-to-enact-10-credit-card-interest-rate-cap\/"},"modified":"2026-01-21T15:37:34","modified_gmt":"2026-01-21T15:37:34","slug":"trump-urges-congress-to-enact-10-credit-card-interest-rate-cap","status":"publish","type":"post","link":"https:\/\/www.finznest.com\/blog\/trump-urges-congress-to-enact-10-credit-card-interest-rate-cap\/","title":{"rendered":"Trump urges Congress to enact 10% credit card interest rate cap"},"content":{"rendered":"
<\/p>\n
\n
\n
\n

U.S. President Donald Trump attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026. <\/p>\n

Denis Balibouse | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n

\n

President Donald Trump on Wednesday urged U.S. lawmakers to pass legislation to limit credit card rates to 10%, following a social media post this month ordering banks to set that cap.<\/p>\n

“I’m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home,” Trump said from the World Economic Forum in Davos, Switzerland. <\/p>\n

Shares of banks climbed after the comments.<\/p>\n

Among the options that the Trump administration had for applying pressure to American banks over card rates, the legislative path may be less threatening. A bill was introduced last year from Sen. Josh Hawley of Missouri and Sen. Bernie Sanders of Vermont that would limit card APRs at 10% for five years. That bill is stalled in Congress.<\/p>\n

Analysts including Sanjay Sakhrani of KBW have said its unlikely that a card bill will have enough bipartisan support to become law. Republican lawmakers, including House Speaker Mike Johnson, have expressed caution when it comes to card price controls. <\/p>\n

The KBW Bank index