Bankers push back on Trump's plan to cap credit card rates

(The Center Square) – Banks are pushing back against renewed efforts to cap interest rates for consumers, after President Donald Trump endorsed the move as he seeks to show Americans he's working to make life in America more affordable ahead of the 2026 midterms. Trump recently called for a 10% cap on credit card interest rates for a year and has endorsed the bipartisan Credit Card Competition Act, which would require big banks to enable at least two unaffiliated card networks, including one other than Visa or Mastercard. The goal is to increase competition and lower swipe fees, which credit card issuers charge to process transactions. Retailers, including the National Retail Federation, support the Credit Card Competition Act. The president said banks are overcharging. "We will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFO