President Trump on Friday night called on credit card companies to cap interest rates at 10%.

“Please be informed that 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. AFFORDABILITY!” the president wrote in a post on Truth Social, using a term he has frequently referred to as a “hoax” pushed by Democrats.

“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%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration,” he added.

GOP lawmakers have been urging the president to address the high cost of living for Americans as it remains a top concern for voters, especially going into the midterm elections later this year.

“You can’t call it a hoax and suggest that people are going to believe it,” Sen. Lisa Murkowski (R-Alaska) said last month regarding Trump’s attempts to dispute evidence that affordability has become a major concern for millions of Americans. “What you say matters.”

Trump’s move follows Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introducing a bill last February seeking to cap credit card interest rates at 10%.

“Rates have DOUBLED in recent years. In 2022 alone, credit cards charged Americans $105 billion in interest,” Hawley wrote on the social platform X at the time. 

And just hours before Trump’s Friday night announcement, Sanders brought up the matter again.

“Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards,” Sanders said in an X post.

“The result? Last year, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable,” he added.