Trump’s credit card interest cap could backfire, experts say [Video]

Republican presidential nominee, former U.S. President Donald Trump arrives for a campaign event, his first since a man carrying a rifle was arrested Sunday near where Trump was playing golf at his club in Florida, in the Dort Financial Center on September 17, 2024 in Flint, Michigan.

Scott Olson | Getty Images

Former President Donald Trump has made headlines over the past week with yet another surprise economic policy announcement. After promising free in vitro fertilization treatments for women, no federal income tax on tips, tax-free overtime pay and no income tax on Social Security benefits, Trump now says that if he is elected president in November, he will cap credit card interest rates at around 10%.

“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” the Republican presidential nominee said at a rally in New York on Wednesday. “We can’t let them make 25% and 30%.”

Trump’s promise …

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