{"id":9070,"date":"2026-01-10T21:59:54","date_gmt":"2026-01-10T21:59:54","guid":{"rendered":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2026\/01\/10\/trumps-call-for-10-credit-card-cap-aims-at-banks-crown-jewels-yahoo-finance\/"},"modified":"2026-01-10T21:59:54","modified_gmt":"2026-01-10T21:59:54","slug":"trumps-call-for-10-credit-card-cap-aims-at-banks-crown-jewels-yahoo-finance","status":"publish","type":"post","link":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2026\/01\/10\/trumps-call-for-10-credit-card-cap-aims-at-banks-crown-jewels-yahoo-finance\/","title":{"rendered":"Trump\u2019s call for 10% credit-card cap aims at banks\u2019 crown jewels &#8211; Yahoo Finance"},"content":{"rendered":"<div id=\"main-content-wrapper\">\n<article data-testid=\"article-content-wrapper\">\n<div>\n<p>  Paige Smith <\/p>\n<p>Updated <time datetime=\"2026-01-10T20:06:07.000Z\" data-timestamp=\"2026-01-10T20:06:07.000Z\">Sat, January 10, 2026 at 3:06 PM EST<\/time> <span>6 min read<\/span><\/p>\n<\/div>\n<div>\n<div data-testid=\"article-body\">\n<p>(Bloomberg) \u2014 President Donald Trump\u2019s demand that credit-card lenders cap interest rates at 10% for a year takes aim at one of the banking industry\u2019s crown jewels \u2014 a business line they guard doggedly.<\/p>\n<p>After a week of jarring markets with announcements aimed at making homes more affordable, the president swiveled to another consumer burden: the cost of carrying a credit card balance from one month to the next. This time, his social-media missive pushed a slew of card issuers led by JPMorgan Chase &#038; Co. (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/JPM\" data-ylk=\"slk:JPM;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\">JPM<\/a>), Capital One Financial Corp. (<a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/COF\" data-ylk=\"slk:COF;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\">COF<\/a>) and Citigroup Inc. (<a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/C\" data-ylk=\"slk:C;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas\">C<\/a>) into the crosshairs.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<ul>\n<li>\n<p><a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-08\/new-design-plans-revealed-for-trump-s-white-house-ballroom?utm_campaign=bn&#038;utm_medium=distro&#038;utm_source=yahooUS\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:New Design Plans Revealed for White House Ballroom;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas\">New Design Plans Revealed for White House Ballroom<\/a><\/p>\n<\/li>\n<li>\n<p><a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-06\/nyc-fights-sale-of-bankrupt-rentals-after-mamdani-blasts-roaches?utm_campaign=bn&#038;utm_medium=distro&#038;utm_source=yahooUS\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:NYC Fights Sale of Bankrupt Rentals After Mamdani Blasts Living Conditions;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas\">NYC Fights Sale of Bankrupt Rentals After Mamdani Blasts Living Conditions<\/a><\/p>\n<\/li>\n<li>\n<p><a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-09\/birmingham-city-fc-s-heatherwick-designed-stadium-is-an-nfl-scale-spectacle?utm_campaign=bn&#038;utm_medium=distro&#038;utm_source=yahooUS\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:In Birmingham, a Stadium Plan Shows UK Football\u2019s Flashy Side;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas\">In Birmingham, a Stadium Plan Shows UK Football\u2019s Flashy Side<\/a><\/p>\n<\/li>\n<li>\n<p><a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2026-01-06\/are-autonomous-vehicles-safer-than-human-drivers-we-don-t-know-yet?utm_campaign=bn&#038;utm_medium=distro&#038;utm_source=yahooUS\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:We Still Don\u2019t Know if Robotaxis Are Safer Than Human Drivers;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas\">We Still Don\u2019t Know if Robotaxis Are Safer Than Human Drivers<\/a><\/p>\n<\/li>\n<li>\n<p><a data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2026-01-07\/la-s-wildfire-rebuilding-brings-new-home-design-construction-tech?utm_campaign=bn&#038;utm_medium=distro&#038;utm_source=yahooUS\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:New LA Home Designs, Reimagined By Fire;cpos:8;pos:1;elm:context_link;itc:0;sec:content-canvas\">New LA Home Designs, Reimagined By Fire<\/a><\/p>\n<\/li>\n<\/ul>\n<p>Card interest rates \u2014 hovering above 20% in recent years \u2014 have become a target of lawmakers on both sides of the aisle, with bills popping up and meeting stiff resistance from the industry. Banking trade groups have conjured foreboding predictions of what would happen if rates were slashed, endangering profitability: Americans on the brink could lose access to credit and be left with payday lenders and pawn shops.<\/p>\n<p>But in response to Trump\u2019s call for rates to drop by Jan. 20, industry groups including the Bank Policy Institute and Consumer Bankers Association struck a more measured tone.<\/p>\n<p>\u201cWe share the president\u2019s goal of helping Americans access more affordable credit,\u201d the groups said in a joint statement late Friday. \u201cAt the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help.\u201d<\/p>\n<p>For cash-strapped consumers who rely on cards for extra expenses, the cost of carrying a balance can be painful. The average interest rate remained around 21% at the end of last year, according to the Federal Reserve. At that level, paying down $10,000 over three years generates more than $3,500 of interest.<\/p>\n<p>In contrast, the rate on a typical 30-year fixed mortgage \u2014 another familiar consumer product \u2014 is just above 6%, according to Freddie Mac data.<\/p>\n<p>Banks have long argued unsecured card debt needs a high rate because of the inability to cushion losses when borrowers default: There\u2019s no house or car to repossess. Indeed, after the financial crisis, charge-off rates on credit cards soared north of 10%, while those on residential real estate loans stayed below 3%.<\/p>\n<\/p><\/div>\n<\/div>\n<p> <span> <\/span>       <\/p>\n<hr>\n<ul>\n<li data-testid=\"seamlessscroll-1560f759-611b-3958-9ec5-2ff01fb9af30\"> <\/li>\n<li data-testid=\"seamlessscroll-b16fbe2e-7b33-3f3e-9711-43a41f516085\"> <\/li>\n<li data-testid=\"seamlessscroll-a1865b7b-1bc9-3d64-93bc-1ed36229e264\"> <\/li>\n<li data-testid=\"seamlessscroll-4e7c876d-54e8-3768-8558-4323757b5836\"> <\/li>\n<li data-testid=\"seamlessscroll-e2ac90bb-5134-367f-9b8b-540b449cd26e\"> <\/li>\n<li data-testid=\"seamlessscroll-6d86a256-8124-36c3-a1bc-92af546834c4\"> <\/li>\n<li data-testid=\"seamlessscroll-6573bbb3-c6d9-4d2a-a306-a4e44918e36f\"> <\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Paige Smith Updated Sat, January 10, 2026 at 3:06 PM EST 6 min read (Bloomberg) \u2014 President Donald Trump\u2019s demand that credit-card lenders cap interest rates at 10% for a year takes aim at one of the banking industry\u2019s crown jewels \u2014 a business line they guard doggedly. After a week of jarring markets with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/posts\/9070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/comments?post=9070"}],"version-history":[{"count":0,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/posts\/9070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/media\/9071"}],"wp:attachment":[{"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/media?parent=9070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/categories?post=9070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/wp-json\/wp\/v2\/tags?post=9070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}