President Trump's proposed plan to cap credit card rates at 10% have sent big waves through the financial scene, causing shares of banks and credit card companies to take a fairly sizeable hit. ...

As Americans struggle with an affordability crisis—high inflation and an even higher cost of living, especially when it comes to housing—Bilt is launching three new, low-interest credit cards with rates capped at 10% on new purchases for the first year—including a premium card offering with a $495 annual fee. Most Read from Fast Company The Bilt Card 2.0 series launches on February 7. “Between now and January 30, existing cardholders will be able to seamlessly transition and preorder a new Bilt Card in ...

Key Takeaways Credit card stocks are slumping this week after President Trump took aim at the industry, saying it "ripped off" U.S. consumers with high interest rates and swipe fees. President Trump on Friday night called for a 1-year cap on credit card interest rates at 10% starting January 20. Trump ramped up the pressure on the industry Tuesday morning when he endorsed the Credit Card Competition Act, which would require cards issued by large banks to enable at least two payment networks, only one of whi ...

NEW YORK (AP) — Fintech giant Bilt announced an overhaul of its credit cards on Wednesday, which notably will include an introductory rate on all card users’ interest rates at 10% for one year. The promotion comes at a time of heightened political rhetoric around the cost of credit cards, with President Donald Trump announcing last week that he also is seeking a one-year cap on credit card interest rates of 10%. New York-based Bilt, which originally built its business model around earning rewards on ren ...

Fundstrat's Tom Lee says investors would be wise to follow signals from Washington when it comes to stocks in the new year. - Brendan Smialowski/Agence France-Presse/Getty Images Major indexes tripped up and broke their three-session win streaks as it seems geopolitics and worries over Fed independence might be starting to rattle investors. That’s as earnings season kicks off with big banks’ fourth-quarter reports. Our call of the day from Fundstrat’s head of research, Tom Lee, suggests investors would b ...

Core Viewpoint - The proposal to cap credit card interest rates at 10% by President Trump could have significant negative consequences for consumers and the economy, according to corporate executives from major companies [1][3]. Group 1: Impact on Consumers - JPMorgan Chase CEO Jamie Dimon indicated that the implementation of the proposed interest rate cap would be dramatic and could restrict access to credit for consumers, particularly those with subprime risk profiles [1][3]. - CFO of JPMorgan, Jeremy Barnum, noted that service changes would likely occur, affecting credit card users with higher risk, leading to increased financial instability [2]. - Delta Air Lines CEO Ed Bastian expressed concerns that the proposal would restrict lower-end consumers from accessing credit, fundamentally disrupting the credit card industry [5]. Group 2: Economic Ramifications - Barnum warned that the loss of credit access would have severe negative consequences for consumers and potentially for the economy as a whole [3]. - Delta's revenue from its co-branded credit card partnership with American Express grew 11% year over year to $8.2 billion in 2025, highlighting the importance of credit access for revenue generation [4]. Group 3: Legislative Challenges - It remains unclear how the proposed one-year credit card APR limit could be implemented without Congressional legislation, with House Speaker Mike Johnson indicating he would explore the idea [3]. - Johnson acknowledged the potential for "unintended consequences" stemming from the proposed policy, a sentiment shared by other industry leaders [4].

The U.S. Bureau of Labor Statistics report released on Tuesday showed that consumer prices rose +0.3% m/m in December, in line with expectations. On an annual basis, headline inflation rose +2.7% in December, the same as the previous month and in line with expectations. Also, the core CPI, which excludes volatile food and fuel prices, rose +0.2% m/m and +2.6% y/y in December, weaker than expectations of +0.3% m/m and +2.7% y/y. In addition, U.S. new home sales fell -0.1% m/m to 737K in October, stronger tha ...

A policy headline spooked credit card investors. Is this a buying opportunity?Credit card stocks and shares of banks that lend to credit card users took a hit on Monday after President Donald Trump discussed plans to cap credit card interest rates. Shares of American Express (AXP 0.44%) declined approximately 4% on Monday, and the stock continued to fall (albeit only slightly) on Tuesday.It's easy to see why the market reacted negatively to the news. Credit card interest rates are a major part of the econom ...

St. Louis Fed President Alberto Musalem said the US economy is pretty robust, and he expects above-potential growth, and that it is unnecessary and unadvisable for the Fed to take an accommodative stance.US Dec CPI was unchanged from Nov at +2.7% y/y, right on expectations. Dec core CPI was also unchanged from Nov at +2.6% y/y, a smaller increase than expectations of +2.7% y/y.Stocks have some negative carryover from Monday on concerns about Fed independence, after Fed Chair Powell said the Justice Departme ...

Days after President Trump proposed capping credit card interest rates at 10%, corporate executives warned that the policy would have wide-ranging ramifications and possibly hurt consumers if enacted. "If it happened the way it was described, it would be dramatic," JPMorgan Chase CEO Jamie Dimon said on the company's earnings call. JPMorgan is the nation's top credit card issuer, handling $1.34 billion in purchase volume. The company's CFO, Jeremy Barnum, added that consumers would likely face service ch ...