Sign at the entrance to a Capital One Bank branch in Manhattan. <\/p>\n
Erik Mcgregor | Lightrocket | Getty Images<\/p>\n
Banks and financial services stocks slid Monday after U.S. President Donald Trump called for a one-year cap on credit card interest rates at 10%. <\/p>\n
Capital One<\/a> shares dropped 10% in premarket trading. Citigroup<\/a> lost 4% and JPMorgan Chase<\/a> shed nearly 3%. Bank of America<\/a> fell 2.36%, Visa<\/a> declined 1.94%, and\u00a0Mastercard<\/a> was 2.21% in the red.<\/p>\n Financial services names were also affected as American Express<\/a> fell 4.87%,\u00a0Wells Fargo<\/a> lost 2.01% and Morgan Stanley<\/a> declined 0.98%. <\/p>\n The cap would\u00a0come into force on Jan. 20., according to a post on Truth Social on Friday, though Trump did not provide additional details on how it would work. <\/p>\n “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, echoing a pledge he made during the 2024 presidential campaign. <\/p>\n “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” he added.<\/p>\n A cap would require approval from Congress. There has long been interest in curbing fees, and bipartisan bills to cap credit card interest rates at 10% have previously been introduced<\/a>, highlighting potential appetite for the move.<\/p>\n When asked about his post, Trump said Sunday to reporters that if banks don’t limit rates they would be “in violation of the law.”<\/p>\n Critics said over the weekend that Trump’s plan, if enacted, would cause banks to pull back on lending, causing many consumers to lose access to credit.<\/p>\n The buy-now-pay-later stocks were higher in early trading on the notion more consumers would be forced to use those short-term lenders.<\/p>\n Affirm Holdings<\/a> jumped 5% in premarket trading. PayPal<\/a> added 1%.<\/p>\n","protected":false},"excerpt":{"rendered":"Sign at the entrance to a Capital One Bank branch in Manhattan. Erik Mcgregor | Lightrocket | Getty…\n","protected":false},"author":3,"featured_media":510828,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[102882,40023,18109,78,133,64,81,41850,26447,69,79,267,16209,135,11734,13201,47645,67,132,68,11735,20860],"class_list":{"0":"post-510827","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-affirm-holdings-inc","9":"tag-american-express-co","10":"tag-bank-of-america-corp","11":"tag-breaking-news-economy","12":"tag-breaking-news-markets","13":"tag-business","14":"tag-business-news","15":"tag-capital-one-financial-corp","16":"tag-citigroup-inc","17":"tag-donald-trump","18":"tag-economy","19":"tag-interest-rates","20":"tag-jpmorgan-chase-co","21":"tag-markets","22":"tag-mastercard-inc","23":"tag-morgan-stanley","24":"tag-paypal-holdings-inc","25":"tag-united-states","26":"tag-unitedstates","27":"tag-us","28":"tag-visa-inc","29":"tag-wells-fargo-co"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115882198654072805","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/510827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=510827"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/510827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/510828"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=510827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=510827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=510827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}