US President Donald Trump said on Friday he was calling for a one-year cap on credit card interest rates at 10 percent starting January 20 but he did not provide details on how his plan will come to fruition or how he planned to make companies comply.

Trump also made the pledge during the campaign for the 2024 elections that he won.

Lawmakers from both the Democratic and Republican ‍Parties have raised concerns about high rates and have called for those to be addressed. ⁠There have been some legislative efforts in Congress to pursue such a proposal but they are yet to ‍become law.

Opposition lawmakers have criticised Trump, a Republican, for not having delivered on his campaign pledge.

"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%," Trump wrote on Truth Social, without providing more details.

"Please be informed that we will ‌no longer let the American Public be 'ripped off' by Credit Card Companies," Trump added.

The White House did not immediately respond to a request ‍for comment on details of the call from Trump, but ‌said on social media without elaborating that the ‌president ‌was capping the rates.

Some major US banks and credit card issuers like American Express, Capital One Financial Corp, JPMorgan , Citigroup and Bank of America did not immediately respond to a request for comment.

US Senator Bernie Sanders, a fierce Trump critic, and Senator ⁠Josh Hawley, who belongs to Trump's Republican Party, have previously introduced bipartisan legislation aimed at capping credit card interest rates at 10 percent for five years. This bill explicitly directs credit card companies to limit rates as part of broader consumer relief legislation.

Democratic US Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have ‌also introduced a House of Representatives bill to cap credit card ‍interest rates at 10 percent, reflecting cross-aisle interest in addressing high rates.

Last year, the Trump administration moved to scrap a credit card late fee rule from the era of former President Joe Biden.

The Trump administration had asked a federal court to throw out a regulation capping credit card late fees at US$8, saying it agreed with business and banking groups that alleged the rule was illegal. ‌A federal judge subsequently threw out the ⁠rule. (Reuters)