“We're going to cap [credit card interest rates] at around 10%. We can't let them make 25 and 30 percent. While working Americans catch up, we're going to put a temporary cap on credit card interest rates.”
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No cap on credit card interest rates had been enacted as of July 2, 2026. The 10 Percent Credit Card Interest Rate Cap Act (S. 381) was introduced February 4, 2025 and has not advanced beyond the Senate Banking Committee. Trump publicly revived the pledge on January 10, 2026, calling for a one-year 10 percent cap, and asked Congress to pass it in a January 21, 2026 Davos speech, but no statute, rule, or executive action imposing a cap took effect. A public presidential push without enactment rates as an attempt.
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