U.S. President Donald Trump on Sunday warned that credit card companies would be in violation of the law if they failed to comply with his demand to cap interest rates at 10 per cent.
Earlier, on January 10, Trump had called for a one-year cap on credit card interest rates, to take effect from January 20, 2026. He framed the proposal as a consumer-protection measure aimed at reducing the burden of high borrowing costs.
Trump strongly criticised credit card issuers for routinely charging annual percentage rates of 20–30 per cent or higher, arguing that such rates place undue pressure on consumers. He stressed that companies failing to adhere to the proposed limit would face legal consequences.
