Warren Says She's Ready to Help Trump Cap Credit Card Rates at 10%
Summary
Senator Elizabeth Warren said she is ready to work with President Donald Trump on legislation to cap credit card interest rates at 10 percent. She also named housing, price gouging, rural hospitals and health care access as areas for possible cooperation. The proposal could lower costs for borrowers who carry balances, while banks and financial experts warn it might also lead to tighter credit, lower limits, higher fees or fewer rewards.Key Facts
- Warren said on CBS News’ Face the Nation that she has a bill ready to cap credit card rates at 10 percent.
- Trump called in January for credit card interest rates to be capped at 10 percent for one year.
- The proposed cap was not implemented by the January 20 start date Trump initially named.
- Warren said Democrats are prepared to work with Trump on housing, price gouging, rural hospitals and health care access.
- The average rate on U.S. commercial-bank credit card accounts assessed interest was 22.36 percent in the third quarter of 2026, according to Federal Reserve data.
- U.S. credit card balances totaled $1.26 trillion in the second quarter, according to the Federal Reserve Bank of New York.
- Banking groups and financial experts have warned that a rate cap could make credit harder to obtain and could lead to lower credit limits, higher fees or fewer rewards.
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