President Donald Trump's idea to cap credit card interest could have far-reaching unintended consequences, UBS said on Monday. On Friday, Trump posted on Truth Social that he was calling for a one-year, 10% rate cap for credit card interest, stating that the industry has been taking advantage of consumers. The idea sparked a sell-off in major financial stocks on Monday, including Capital One, Synchrony Financial, JPMorgan, and Citigroup. While investors reacted to the latest threat to lenders' bottom li ...

President Trump attacked not only Fed Chair Powell in recent months, but over the weekend, he took verbal aim at credit card companies. The POTUS floated the idea of capping credit card interest rates at 10% , which, if made law, would significantlyFreelance Financial Writer | Investments | Markets | Personal Finance | RetirementI create written content used in various formats including articles, blogs, emails, and social media for financial advisors and investment firms in a cost-efficient way. My passion ...

JPMorgan Chase & Co., Capital One Financial Corp. and shares of other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year. Capital One, the biggest US card issuer, tumbled 7.3% in early New York trading Monday, while JPMorgan, No. 2 in the rankings, dropped 2.2%. Most Read from Bloomberg Card interest rates, which have been hovering above 20% in recent years, have been a target of US lawmakers on both sides of the aisle, with bills popping ...