Trump’s 10% Credit-Card Cap Would Hit Big Banks’ Crown Jewels

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
President Donald Trump ’s demand that credit-card lenders cap interest rates at 10% for a year takes aim at one of the banking industry’s crown jewels — a business line they guard doggedly.
After a week of jarring markets with announcements aimed at making homes more affordable, the president swiveled to another consumer burden: the cost of carrying a credit card balance from one month to the next. This time, his social-media missive pushed a slew of card issuers led by JPMorgan Chase & Co., Capital One Financial Corp. and Citigroup Inc. into the crosshairs.