What are current credit card interest rates at major banks?

Interest rates range from 25% to 30%, according to Sanders.

How does this affect investors in banks like JPMorgan?

It could increase regulatory pressure on banks, potentially impacting their consumer lending profits, but no concrete legislation exists yet.

Bernie Sanders: Trump Lied About 10% Credit Card Rate Cap

Sen. Bernie Sanders said President Donald Trump lied about his promise to cap credit card interest rates at 10%, while major banks continue to earn billions from consumer lending at rates of 25-30%.

July 19, 2026

1 min read

Source: Benzinga

Key Numbers

proposed cap

10%

current rates

25-30%

Sen. Bernie Sanders (I-Vt) on Wednesday said President Donald Trump lied about his promise to cap credit card interest rates at 10%, while major banks continued to earn billions from consumer lending.

Details of the Statement

Sanders pointed out that big banks, such as JPMorgan Chase & Co. (JPM), are making huge profits from credit card interest rates ranging from 25% to 30%, far exceeding the cap Trump promised.

Context

The remarks come amid growing debate over credit card interest rate regulation, as consumers face increasing debt burdens. Trump pledged during his campaign to cap credit card rates at 10%, but has not taken concrete steps to implement it.

What This Means for Investors

These statements could increase regulatory pressure on big banks, potentially affecting their future earnings from consumer lending. However, no concrete legislation currently threatens banks' business model in this area.

Frequently Asked Questions

Sanders accused Trump of lying about his promise to cap credit card interest rates at 10%, noting that big banks charge 25-30% interest.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.