Mastercard and Visa credit cards in Zelienople, Pa., on Feb. 20, 2019. Keith Srakocic/AP Photo
President Donald Trump said on Jan. 9 that he would call for a one-year cap on credit card interest rates of 10 percent, potentially starting later this month, although its enforcement will depend on Congress.
In a Truth Social post, Trump said that Americans are being “ripped off” by credit card companies that charge interest rates between 20 and 30 percent, and he vowed that his administration will put an end to it.
