PNC CEO on Trump’s proposal to cap credit card rates at 10%
Bloomberg Television·2026-01-26 20:05
Whatever to America or the industry. If there's a 10% cap on credit card rates, as President Trump has proposed. So the only thing I know for sure is that all the credit card businesses in the country lose money. In the credit card business, I get swipe fees.I get most of those away with rewards. I earn credit. When somebody is revolving a balance, I lend credit when somebody pays it at the end of the month.After all that, you charge interest rates, you have losses and you get a margin. Maybe you make 4%, I ...