Trump: With effect from January 20, US President Donald Trump has proposed a one-year restriction on credit card interest rates, with a maximum rate of 10%.

Trump attacked credit card firms for charging interest rates of 20 percent to 30 percent or more in a post on Truth Social that was posted on X by the White House. He said that these rates had put an excessive financial strain on Americans.

He presented the suggestion as an effort to increase consumer affordability while attributing the continuation of high interest rates to Joe Biden administration policies.

The proposed limit would go into effect on January 20, 2026, and last for a year, the post said.

Trump explained the action as an attempt to stop what he called credit card firms “ripping off” customers.

The plan highlighted January 20 as a symbolic date that would mark one anniversary of Trump’s presidency and places a strong emphasis on affordability as a primary subject.We would like to notify you that we will no longer allow credit card companies to “rip off” the American public by charging interest rates of 20 to 30% and more, which continued unchecked under the Sleepy Joe Biden Administration. AFFORDABILITY! As President of the United States, I am proposing that credit card interest rates be capped at 10% for a year starting on January 20, 2026. The date of January 20th also happens to be the first anniversary of the historic and very successful Trump Administration. I appreciate you taking the time to consider this. “PRESIDENT DONALD J. TRUMP, MAKE AMERICA GREAT AGAIN!” the message said.