With credit card interest rates near modern highs, President Trump says he wants to cap the rates for one year.

President Donald Trump has said there will be a one-year cap on credit card interest rates set at 10%. What is the average? Can he even do that?

Capital One Financial Corp., American Express Co. and shares of other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for one of the banking industry’s biggest businesses.

U.S. financial stocks and UK-listed lenders fell on Monday and weighed on global indexes as President Donald Trump's call for a one-year cap on credit card interest rates threatened a key revenue stream for the industry.

President Donald Trump is calling for a ten percent cap on interest rates for credit cards. He said he believes the ten percent cap would represent a major cut in borrowing costs. Americans currently owe a total of $1.

President Donald Trump said that credit-card lenders would be “in violation of the law” if they don’t heed his call to cap interest rates at 10% for one year.

Key Takeaways President Trump wants to mandate that credit card companies charge a maximum 10% annual percentage rate as of Jan. 20. The average rate Americans pay is 21%.While industry reports suggest many Americans would lose their credit cards under a 10% cap,

President Donald Trump called for a 10% cap on credit card interest rates. Here's what experts say that could mean for cardholders, if implemented.