https://www.cnbc.com/2026/01/12/trump-credit-card-limit-banks-jpmorgan-citi.htmlBanks and financial services stocks slid Monday after U.S. President Donald Trump called for a 10%, one-year cap on credit card interest rates.Capital One shares dropped 7% in early trading and Synchrony Financial tumbled 8%. Credit cards account for a large share of both banks’ business models. Other banks that are more diversified saw smaller losses. Citigroup lost almost 4%, JPMorgan Chase shed 2% and Bank of America fell 1%. Visa and Mastercard, credit card processors that don’t put any of their capital at risk, were down 2% each.Other financial services names were caught in the downdraft. American Expressslumped 5%, while Wells Fargo and Morgan Stanley declined about 1%.The proposed cap would come into force on Jan. 20, according to a post on Truth Social on Friday, though Trump didn’t provide details on how it would work.“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” Trump wrote, echoing a pledge he made in the 2024 presidential campaign.“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” he added.
A cap would require approval from Congress. There has long been interest in curbing fees, and bipartisan bills to cap credit card interest rates at 10% have previously been introduced, highlighting potential appetite for the move.When asked about his post, Trump said Sunday to reporters that if banks don’t limit rates they would be “in violation of the law.”Critics said over the weekend that Trump’s plan, if enacted, would cause banks to pull back on lending, causing many consumers to lose access to credit and dampening personal spending, which accounts for roughly two-thirds of all economic activity.Bank industry insiders say the White House proposal would have unintended consequences for consumers and the American economy.The move would make large swaths of the credit card industry unprofitable, especially tied to customers with less-than-ideal credit profiles, according to banks and analysts. Rather than offer unprofitable products to consumers, the industry would simply stop offering access to customers with subprime credit, and make other changes in card programs, including scaling back rewards, insiders say.Consumers would either spend less or rely on other forms of unsecured debt, they say.Buy-now-pay-later stocks were higher in early trading on the notion more consumers would be forced to use those lenders if banks pulled back on extending credit, but soon gave back those gains after the market formally opened.Affirm Holdings slid more than 6% after rallying in premarket trading, and PayPal fell about 1%.
>am calling for>a one year capSo straight up meaningless midterm baiting no matter how you interpret it
>>1476505Isn't it all Republicunts are capable of? What have they actually provided working Americans that didn't have a deadline associated with an election attached?
>>1476502How will Democrats seethe at this without dropping their masks?
>>1476508True, but they used to at least have the political shrewdness to make it look like more than just empty panderingEven a mid level MAGAtard (retarded but still at least literate) can see right through this
>>1476505I am pretty sure the longest government shutdown in US history happened recently.>Democrats in the Senate opposed the Republican appropriations bill because it did not include an extension of expanded Affordable Care Act subsidies that were scheduled to expire in November 2025It was because of expanded subsidies that Joe Biden passed that were scheduled to end in November of last year. There's constantly government policy with an end date. Remember the Bush Tax Cuts expiring? Or the Trump tax cuts expiring?
>>1476510By pointing the fact that even in his meaningless bait tweet he can't bring himself to call for a longer window than the current election year
>>1476514Cant even make it last until 2028 to at least hide the lede
>>1476502obvious fake and gay promise, again.
>>1476517>“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” Trump wrote, echoing a pledge he made in the 2024 presidential campaign.We shall see in 8 days.
>>1476512I remember the republicans somehow making the money give away to the rich permenent even though it should have been sunset.
>>1476502It's just a request for brib- I mean, donations from the credit card companies.
This is good for idiots, like poor people, but somehow Democrats still find a way to complain
>>1476585>republicans somehow making the money give away to the rich permenentholy esl, Rajesh
>>1476514But no Democrat ever gave us a year.
>>1476778Nta, but that was perfect English other than the typo, dipshit.Maybe learn English yourself before accusing others of being unable to type it.
>>1476933It's called projection on his part.Also Congressional Republicans just killed Bernie's plan to lower interest rates on cards again.Looks like trump is still beholden to his billionaire masters
>>1476510it's going to be extremely easy to when it doesn't happen, like anything trump says that goes against the interests of zog
>>1476519Will it be before or after we all get the 2000 dollar promised checks?
>>1476510Just read the thread. They managed to figure it out
