Trump Promised A 10% Interest Rate Cap On Credit Cards—What Happened To It?

Core Insights - President Donald Trump proposed a 10% cap on credit card interest rates, effective January 20 for one year, but no federal laws or executive orders have been enacted to implement this cap as of now [1][3][4] - The average APR for credit card accounts was reported at 21.39% in the third quarter of 2025, indicating a significant difference from the proposed cap [4] - A bipartisan bill to cap credit card interest rates at 10% for five years was introduced in the Senate but remains stalled [5][7] Industry Implications - Credit card companies currently have profit margins exceeding 50%, with interest rates ranging from 28% to 32% [4] - Critics, including JPMorgan CEO Jamie Dimon, argue that a cap on interest rates could lead to reduced access to credit for consumers, particularly those with lower credit scores [6] - Advocates for the cap, such as Senator Josh Hawley, claim that credit card companies are taking advantage of consumers with high interest rates while executives receive substantial compensation [6][7]