President Donald Trump has called for a one-year, 10% cap on credit card interest rates, aiming to save consumers billions. This proposal, which he hopes to implement by January 20, 2026, faces strong opposition from the banking and credit card industries. Banks argue that such a cap could reduce credit availability, potentially harming consumers and small businesses by limiting borrowing options and driving them toward more expensive alternatives like payday loans. Researchers suggest the industry would remain profitable despite a hit, though rewards might be scaled back.