WASHINGTON, D.C.: U.S. President Donald Trump renewed a campaign pledge to limit credit card interest rates, calling for a one-year cap of 10 percent beginning January 20, though he offered no details on how such a cap would be enforced or implemented.

Trump reiterated the proposal on his Truth Social platform, reviving an idea he floated during the 2024 election campaign. Analysts at the time said any such move would require congressional approval, and Trump's post did not reference any specific legislation or explain how credit card issuers would be compelled to comply.

"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. "Please be informed that we will no longer let the American Public be ‘ripped off' by Credit Card Companies."

Lawmakers from both parties have long raised concerns about soaring borrowing costs for consumers. Republicans currently hold narrow majorities in both the Senate and the House of Representatives, but efforts to legislate a rate cap have so far stalled.

Opposition lawmakers quickly criticized Trump's announcement as symbolic rather than substantive. U.S. Senator Elizabeth Warren, a Democrat on the Senate Banking Committee, said the call was meaningless without congressional action.

"Begging credit card companies to play nice is a joke. I said a year ago if Trump were serious, I'd work to pass a bill to cap rates," Warren said, while also criticizing Trump's attempts to weaken the U.S. Consumer Financial Protection Bureau.

The White House did not immediately respond to Reuters' request for details, though it said on social media without elaboration that the president was capping credit card rates.

Major card issuers, including American Express, Capital One, JPMorgan Chase, Citigroup, and Bank of America, did not respond to requests for comment.

Banking industry groups warned the proposal could have unintended consequences. In a joint statement, the Consumer Bankers Association, Bank Policy Institute, American Bankers Association, Financial Services Forum, and Independent Community Bankers of America said a 10 percent cap would "reduce credit availability" and "only drive consumers toward less regulated, more costly alternatives."

Despite skepticism, the idea of a cap has drawn rare bipartisan interest. U.S. Senator Bernie Sanders and Republican Senator Josh Hawley have previously introduced bipartisan legislation to cap credit card interest rates at 10 percent for five years. Their proposal would explicitly direct card issuers to limit rates as part of broader consumer relief legislation.

In the House, Democratic Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have also introduced a bill to impose a 10 percent ceiling, underscoring cross-party frustration with high borrowing costs.

Not all supporters of Trump backed the idea. Billionaire hedge fund manager Bill Ackman, who endorsed Trump in the election, called the proposal a "mistake" in a post on X.

Trump's renewed focus on credit card rates comes after his administration last year moved to scrap a Biden-era rule that would have capped credit card late fees at US$8. The administration asked a federal court to strike down the regulation, arguing it was illegal and siding with banking and business groups. A federal judge later threw out the rule.