U.S. President Donald Trump has called for a temporary 10% cap on credit card interest rates, a move that, if enacted, could have wide-ranging effects on borrowers.

“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 on Friday.

However, the proposal lacks details on how it would be implemented or enforced, and it remains unclear whether the cap would apply to new charges, existing balances, or both.