President Trump calls for 1-year cap limiting credit card interest rates to 10%

President Donald Trump announced Friday that he is calling for a one-year cap limiting credit card interest rates to 10%.

Trump blamed the Biden administration for allowing rates to rise as high as 20–30%, adding that Americans were being “ripped off” by credit card companies.

“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump wrote on Truth Social. “AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%.”

President Donald Trump on Friday called for a one-year cap limiting credit card interest rates to 10%. (Anna Moneymaker/Getty Images / Getty Images)

Trump noted that the cap would coincide with the one-year anniversary of his return to the White House.

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FOX Business has reached out to the White House for additional information.

This is a developing story. Please check back for updates.