During an interview with CNBC aired on Wednesday’s “Closing Bell,” President Donald Trump remarked that the 10% credit card interest rate cap he supports “sounds like” something New York City Mayor Zohran Mamdani (D) came up with.
Trump said, “[O]ne-year cap of 10%, and I love it. I know it’s sort of like — it sounds like the Mayor of New York maybe came up with that. But people are paying — they can’t make it, they can’t pay 28. Whatever happened to usery? They can’t pay 28%. And so, I said, one year — I’d like to see a one-year cap of 10% with the credit card companies, and they’d understand that.”
He continued, “I’ve had calls from credit card companies, people that are friends of mine, actually, and I treat them good, I respect them greatly, but they make a lot of money. They’ve got to give the people a break. 28% interest, people go out, and they buy something, and if they’re a little bit late, they’re paying 28%, they end up filing for bankruptcy. So, I would like to see that happen, yeah.”
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