USA Herald – A self-imposed deadline tied to President Trump’s call for a temporary 10 percent cap on credit card interest rates has arrived, but major banks and card issuers have largely declined to adjust their pricing, citing a lack of legal clarity and enforcement mechanisms.
Earlier this month, Trump publicly urged credit card companies to limit annual percentage rates for one year, arguing that current interest levels unfairly burden American consumers. While the proposal drew attention across Washington and Wall Street, financial institutions say there is no binding rule requiring compliance.
As of this week, average credit card interest rates remain close to 20 percent, only modestly lower than last year’s peak, according to industry data. Banks point to Federal Reserve rate cuts in 2025 as the primary driver of recent declines rather than any political pressure.
No Law, No Enforcement Path
Despite bipartisan political interest in rate caps, experts note that no federal statute or executive order currently mandates a ceiling on credit card interest rates. Consumer finance specialists say any enforceable cap would almost certainly require congressional approval.
Absent legislation, lenders are not legally obligated to adjust pricing, and the White House has not detailed how compliance would be monitored or penalties imposed.
