President Donald Trump made this announcement on his Truth Social platform on 10/1/2026. He expects the interest rate reduction to be implemented within the next 10 days, aiming to prevent Americans from being "scammed by credit card companies charging 20% to 30%, or even higher, interest rates".

The 20/1/2026 deadline for the 10% credit card interest rate cap coincides with the one-year anniversary of his administration's inauguration. However, he did not provide details or suggest methods for banks and credit card companies to implement the reduction.

A user's credit card in Washington, 22/2/2010. *Photo: Reuters*.

Senator Elizabeth Warren, a Democrat on the Senate Banking Committee, stated that the call is meaningless without a bill passed by Congress. "Begging credit card companies to cooperate is a joke", Warren said.

Trump first made the commitment to reduce credit card interest rates during his campaign more than one year ago. This issue is a bipartisan concern for both Republicans and Democrats, who have called for its resolution. Warren said if Trump were serious, she would collaborate to pass a bill imposing this interest rate cap.

Meanwhile, the White House did not respond to the details of Trump's call. Major U.S. banks and credit card issuers, including American Express, Capital One Financial Corp, JPMorgan, Citigroup, and Bank of America, also declined to comment.

In a joint statement, the Consumer Bankers Association, the Bank Policy Institute, the American Bankers Association, and other policy advocacy organizations argued that a 10% interest rate cap would "reduce ability to access credit" and "push consumers toward less regulated and more expensive options".

Billionaire Bill Ackman, founder of the Pershing Square investment fund, stated on social media platform X that the U.S. President's call was a "mistake".

Brian Jacobsen, chief economist at Annex Wealth Management, explained that interest rates reflect the risks borne by credit card issuers, noting that credit card limits are "unsecured loans".

"When companies cannot accurately price risk, they will simply reduce credit limits or cut off access to credit entirely", Jacobsen added. He noted, however, that "buy now, pay later" (BNPL) companies and short-term credit providers might favor this proposed interest rate cap.