US President Donald Trump on Friday (local time) announced plans to cap credit card interest rates at 10% for one year, saying the move is aimed at easing affordability concerns for American consumers. He also criticised the previous Joe Biden administration for not checking high interest rates in recent years.In a post on Truth Social, Trump said that credit card firms would no longer be allowed to charge interest rates ranging from 20% to 30% or higher.“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 proposed measure is set to take effect from January 20, 2026, a date that also marks one year of Trump’s tenure in the White House as US president.“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%.” He further wrote, “coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration.”The announcement comes at a time when the Trump administration is pushing for measures that could ease spending pressure for American customers. Earlier the US government also announced buying mortgage bonds of almost $200 billion, saying that the move will help to lower mortgage rates as concerns over housing affordability has consistently weighed down Americans.