U.S. President Donald Trump on Friday announced plans to cap credit card interest rates at 10 percent for one year, beginning January 20, Reuters reported. The president did not provide details on how the measure would be implemented or how compliance from credit card companies would be ensured.

Trump made the announcement in a post on Truth Social, stating: "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." He added, "Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies."

The pledge reiterates a campaign promise Trump made during the 2024 election, which he won. Analysts have noted that such a policy would require congressional approval. Lawmakers from both parties have previously raised concerns about high interest rates and have advocated for measures to address them. Republicans currently hold narrow majorities in both chambers of Congress.

Previous legislative efforts have included bipartisan proposals in both the Senate and House. Senators Bernie Sanders and Josh Hawley introduced a bill to cap credit card interest rates at 10 percent for five years, while Democratic Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna proposed similar legislation in the House. However, none of these proposals have been enacted into law.

Some major U.S. banks and credit card issuers, including American Express, Capital One, JPMorgan, Citigroup, and Bank of America, did not immediately comment on Trump’s announcement.

The move drew criticism from billionaire fund manager Bill Ackman, a Trump supporter, who warned that a rate cap could prompt lenders to cancel cards, forcing consumers to seek higher-cost credit elsewhere.

The announcement follows prior Trump administration actions to modify credit card regulations. Last year, the administration requested a federal court to overturn a Biden-era rule capping late fees at eight dollars, arguing that the regulation was unlawful. The court subsequently struck down the rule.

The White House did not provide further details on enforcement or implementation of the interest rate cap.