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https://www.cnbc.com/2026/01/12/trump-credit-card-limit-banks-jpmorgan-citi.html
Banks 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 Express
slumped 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.
Banks 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 Express
slumped 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.
