Former President Donald Trump has announced plans to cap credit card interest rates at 10% nationwide, with the policy taking effect immediately after January 20, 2025, if he returns to office.
In a recent campaign speech, Trump labeled current rates (often 25%+) as “predatory” and warned that any credit card issuer exceeding the 10% limit would be in “violation of the law.”
This move directly targets the more than $1.14 trillion in U.S. credit card debt carried by American households as of late 2025.
Average credit card APRs have hovered between 20–29% for years, making debt repayment extremely difficult for millions of families.
Trump’s proposal positions him as a champion for middle- and working-class voters struggling with high-interest debt amid persistent inflation.
Consumer advocates have long called for rate caps, but few national politicians have pushed the issue this aggressively. The 10% ceiling would represent the most significant federal intervention in credit card pricing in decades.
Major credit card issuers (Visa, Mastercard, American Express, Discover, Capital One, Chase, Citi, etc.) are likely to fiercely oppose the plan.
Key concerns include:
Legal experts note that while the Federal Reserve regulates some aspects of credit pricing, a nationwide interest-rate cap would almost certainly need Congressional approval to survive court challenges.
The announcement comes at a time when consumer debt levels remain near all-time highs and many voters are still feeling the pinch of higher living costs.
Trump’s economic messaging has increasingly focused on “financial relief for the forgotten men and women.” This 10% cap fits squarely into that populist narrative ahead of the 2024–2025 election cycle.
