President Donald Trump has proposed a one-year cap of 10 percent on credit card interest rates, aiming to save Americans billions and prevent them from being "ripped off." The proposal, announced via social media, would take effect January 20, 2026. While proponents suggest significant consumer savings, banks and industry groups warn of reduced credit availability, potential card cancellations, and a push towards costlier alternatives like payday loans. The exact mechanism for implementation remains unclear, with potential for executive action or legislation.