Could a 10% Credit Card Cap Happen? What to Do About Your APR Now

The Proposal: What’s Behind the 10% Cap Talk?

“President Trump’s pitch for a 10% credit card APR cap could save Americans nearly $100 billion in interest, according to early analyses.” (Axios)

With President Trump proposing a one-year limit on credit card rates to 10%, a major spotlight is shining on how costly borrowing has become. As rates soar over 20% for many users, the plan aims to offer swift relief starting January 2026. But, even if such caps take effect, they remain a hot political topic and aren’t guaranteed to pass Congress—or might face tweaks that dampen their impact.

The bottom line? You shouldn’t wait for legislation to lower your monthly costs or APRs.

Your Options: Concrete Steps to Cut Your APR Today

“Card issuers offer hardship and forbearance programs that can temporarily reduce your interest rate or pause accruing interest.” (CBS News)

No matter what happens in Washington, there are proven ways to reduce your card interest, starting now:

• Ask your issuer for a lower rate: Many card companies will consider cutting your APR if you request it, especially if you have a history of on-time payments.
• Investigate hardship and forbearance programs: If you’re struggling, issuers may let you pause interest or drop your rate temporarily.
• Transfer your balance: Promotional 0% APR balance transfer cards can buy you time to pay down debt without more interest piling up—just watch for transfer fees.
• Pay more than the minimum: Ramping up payments—even by a small amount—reduces interest charges and shortens payoff time.

Your Next Steps: Move Now, Not Later

“Bilt and other fintechs are already launching low-interest cards while politicians debate caps.” (AP News)

The ongoing debate means new options may appear even before any law changes. Some fintechs are already rolling out low-rate cards as a value play. The key takeaway? Take steps now to reduce your APR or knock down your balances so you’re in a stronger financial position—regardless of what Congress decides about the 10% cap.

Interested in slashing your credit card costs? Check your rates, see what new cards or hardship options apply to you, and start saving money today.