Trump calls for cap on US credit card interest rates at 10% for a year, starting January 20—Americans ‘being ripped off’

United States President Donald Trump on 10 January (IST) called for a one-year cap on credit card interest rates of 10% from January 20, marking a year since he began his second term in the post.

“Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration,” Donald Trump said wrote on his social media platform Truth Social.

While he did not give out specifics, Donald Trump said the move is aimed at improving “affordability” for the Americans, stating: “Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more…”

What did Donald Trump say? Read full text below:

(This is a breaking story, more updates to come…)