Trump Proposes Temporary 10 Percent Cap on Credit Card Interest Rates

Industry has long opposed caps on interest rates, saying it would “result in the loss of credit for the very consumers who need it the most.”

This illustration picture shows debit and credit cards arranged on a desk in Arlington, Va. on April 6, 2020. Olivier Douliery/AFP via Getty Images

Former President Donald Trump has proposed a 10 percent temporary cap on credit card interest rates, which have spiked in recent years.

According to LendingTree data, the average interest rate on new credit card offers is nearly 25 percent. Other cards carry higher rates, such as retail credit cards that charge holders an all-time high of 30.45 percent.