President Donald Trump has demanded a 10% cap on credit card interest rates by January 20. Consumer groups, politicians, and bankers remain unclear about the White House's plans. The White House has not detailed consequences for non-compliance. Researchers estimate Americans could save $100 billion annually if rates are capped. However, banks might lose significant revenue. Shares of major credit card companies have fallen as investors worry about profit impacts. Without a law or executive order, Trump may rely on public pressure to enforce the cap. Some companies, like fintech Bilt, have already announced promotional rate caps.
