Trump proposes card rate cap; banks eschew idea

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. President Donald Trump called for a 10% cap on credit card interest rates for a year, starting Jan. 20, but trade groups for banks that issue the cards distanced themselves from the idea. Late on Friday, Trump issued a statement on the Truth Social social media platform calling for the cap, pointing to a need for affordability for American consumers. He took a swi ...