WASHINGTON: US President Donald Trump said on Friday he was calling for a one-year cap on credit card interest rates at 10 percent starting on January 20 but he did not provide details on how his plan will come to fruition or how he planned to make companies comply.
Trump also made the pledge during the campaign for the 2024 election that he won but analysts dismissed it at the time saying that such a step required congressional approval.
Lawmakers from both the Democratic and Republican Parties have raised concerns about high rates and have called for those to be addressed. Republicans currently hold a narrow majority in both the Senate and the House of Representatives.
There have been some legislative efforts in Congress to pursue such a proposal but they are yet to become law and in his post Trump did not offer explicit support to any specific bill.
Opposition lawmakers have criticized Trump, a Republican, for not having delivered on his campaign pledge.
“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 percent,” Trump wrote on Truth Social, without providing more details.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” Trump added.
The White House did not immediately respond to a request for comment on details of the call from Trump, but said on social media without elaborating that the president was capping the rates.
Some major US banks and credit card issuers like American Express, Capital One Financial Corp, JPMorgan , Citigroup and Bank of America did not immediately respond to a request for comment.
US Senator Bernie Sanders, a fierce Trump critic, and Senator Josh Hawley, who belongs to Trump’s Republican Party, have previously introduced bipartisan legislation aimed at capping credit card interest rates at 10 percent for five years. This bill explicitly directs credit card companies to limit rates as part of broader consumer relief legislation.
Democratic US Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have also introduced a House of Representatives bill to cap credit card interest rates at 10 percent, reflecting cross-aisle interest in addressing high rates.
Billionaire fund manager Bill Ackman, who endorsed Trump in the last elections, said the US president’s call was a “mistake.”
“This is a mistake,” Ackman wrote on X.
“Without being able to charge rates adequate enough to cover losses and earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.”
Last year, the Trump administration moved to scrap a credit card late fee rule from the era of former President Joe Biden.
The Trump administration had asked a federal court to throw out a regulation capping credit card late fees at $8, saying it agreed with business and banking groups that alleged the rule was illegal. A federal judge subsequently threw out the rule.
Trump calls for one year cap on credit card interest rates at 10 percent
https://arab.news/5cc88
Trump calls for one year cap on credit card interest rates at 10 percent
- Trump says Americans have been ‘ripped off’ by credit card companies
- Lawmakers from both parties have raised concerns about rates
Philippine city in state of calamity as landfill collapse death toll rises
- 16 people remain missing under piles of waste nearly a week after the incident
- On Monday, the city’s mayor said ‘signs of life’ were still detected under debris
MANILA: Cebu City in the central Philippines has been in a state of calamity since last week’s collapse of a landfill that left at least 20 people dead, authorities said on Wednesday.
A huge mound of garbage at the 15-hectare Binaliw open landfill in Cebu City collapsed suddenly on Jan. 8, burying more than 100 workers and nearby structures underneath.
To release additional funds for emergency response and recovery operations, the Cebu City Council approved on Tuesday a resolution declaring a state of calamity.
After managing to save 18 injured people in the first days of the search, rescuers pulled out the bodies of several victims on Wednesday.
“The number of employees reported missing following the Binaliw landfill incident that occurred on the afternoon of January 8, 2026, has decreased to 16,” the Cebu City Public Information Office stated.
“The reduction in the number of missing individuals follows the recovery of several bodies at the site today, January 14, 2026. With these recoveries, the confirmed death toll has now risen to 20.”
The Cebu City Disaster Risk Reduction and Management Office said that with the amount of debris, its responders were facing “difficult site conditions,” but remained on the ground to recover all the missing persons.
The hope of finding survivors was reignited by the announcement of Cebu City Mayor Nestor Archival, who said in a press conference on Monday that a team from APEX Mining in Davao brought life-detection equipment that indicated that “there are still signs of life” at the disaster site.
The Cebu City Council announced Friday as a day of mourning for the victims of the Binaliw landslide, which “claimed lives and caused immeasurable grief to the affected families and the community.”
