Story perspectives

Trump's 10% Credit Card Cap Faces Backlash, Risks Predatory Lending

1/14/2026

Summary

Story summary

U.S. President Donald Trump proposes a 10% cap on credit card interest rates, but Charles C.W. Cooke (National Review) warns the plan could backfire.
Cooke argues lenders would tighten credit, causing higher rejection rates and smaller existing-credit limits.
He contends the cap could push those with poor credit toward predatory lending options.
The critique frames the proposal as a pitfall for Trump's affordability agenda ahead of the midterm elections.

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Story summary

U.S. President Donald Trump proposes a 10% cap on credit card interest rates, but Charles C.W. Cooke (National Review) warns the plan could backfire.
Cooke argues lenders would tighten credit, causing higher rejection rates and smaller existing-credit limits.
He contends the cap could push those with poor credit toward predatory lending options.
The critique frames the proposal as a pitfall for Trump's affordability agenda ahead of the midterm elections.