Business leaders split over Trump’s proposed 10% credit‑card interest cap

Businessinsider: President Donald Trump proposed a one-year 10% cap on credit‑card interest rates starting January 20, 2026, saying consumers are being "ripped off" by rates he said can be as high as 20% or 30%. The proposal drew mixed responses from industry leaders. Klarna CEO Sebastian Siemiatkowski told CNBC he supports the plan, saying traditional cards push people to borrow more than they should and that rewards largely benefit wealthier consumers.

Delta CEO Ed Bastian said the cap would "upend the whole credit card industry," warning it would restrict lower‑end consumers' access to credit and saying Delta would be "working closely with American Express." Banks and investors issued warnings. JPMorgan CEO Jamie Dimon and CFO Jeremy Barnum said lowering card interest rates could be "dramatic" and present a significant challenge to the business.

Citi CFO Mark Mason called the cap "very negative" and said it would restrict access to credit, while Bank of America CEO Brian Moynihan said caps would constrict credit availability. Investor Bill Ackman wrote on X that the plan is "a mistake" and could push consumers to loan sharks, and SoFi CEO Anthony Noto said a cap could cause industry lending to contract, creating a void that personal loans might fill.

Key Topics

Business, Donald Trump, Credit Card Cap, Klarna, Jpmorgan Chase, American Express