Did your credit card company drop interest rate to 10% or is Trump lying?

[Poor Richard Saunders]

Trump's 10% credit card cap deadline is here. Will card companies comply?

President Trump called for a one-year 10% cap on credit card rates starting Jan. 20. Here's what credit card companies are doing.

www.cbsnews.com

President Trump had set Jan. 20 as a deadline for credit card companies to lower their interest rates to 10% for one year. Now that the date has arrived, most banks and card issuers have largely kept their rates unchanged

Mr. Trump announced the cap on Jan. 9, giving banks and issuers just 11 days to meet his demand.

White House Press Secretary Karoline Leavitt has said Mr. Trump expects credit card companies to comply with the demand.

"I don't have a specific consequence to outline for you, but certainly this is an expectation and frankly a demand that the president has made," she said Jan. 16.

 

[Walt]

And yet nothing changed, other than a massive drop in credit card stocks.

 

[T. A. Gardner]

And yet nothing changed, other than a massive drop in credit card stocks.

Given that Visa and Mastercard are two of the top corporate earners in terms of profit margin, that's probably not a bad thing.

 

[ULTRA MAGA]

They didn't need to lower it. It was already there. Credit union is the only way to go.

10% is still way too high for an 800 credit score though.