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By Steve Mollman
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Senator Elizabeth Warren said Sunday that she is ready to work with President Donald Trump to cap credit card interest rates at 10 percent, giving new momentum to a proposal that could significantly cut borrowing costs for millions of Americans.
“President Trump himself said that he wants to reduce interest rates on credit cards to 10 percent,” Warren told CBS News’ Face the Nation with Margaret Brennan. “I got the bill. I'm ready to go.”
The political landscape has changed significantly since Trump first pushed the proposal in January. Republicans controlled Congress at the time, and several GOP leaders opposed or expressed reservations about a 10 percent cap. Democrats will control Congress in the new year, potentially giving Warren and other supporters a clearer path to putting legislation on Trump's desk.
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Warren, who is expected to become chair of the Senate Banking Committee, offered the credit card cap as her first example Sunday when Margaret Brennan asked what specific policies Democrats could work with Trump on.
“President Trump says he wants to do more on housing. We're ready. We have the bills ready to go,” Warren added, also pointing to price gouging, rural hospitals and access to healthcare as areas where Democrats plan to act.
Newsweek contacted Warren’s office, the White House, the American Bankers Association and the Consumer Bankers Association for comment on Sunday.
Why It Matters
Credit card rates directly affect millions of Americans who carry balances from month to month, making a 10 percent cap potentially significant for household finances.
Credit card borrowers who pay interest are currently facing rates far above the proposed 10 percent ceiling. The average rate on commercial-bank credit card accounts that were assessed interest was 22.36 percent in the third quarter of 2026, according to Federal Reserve data released Friday. U.S. credit card balances, meanwhile, stood at $1.26 trillion in the second quarter, according to the Federal Reserve Bank of New York.
But the proposal could also have consequences beyond lower rates. Banking groups and financial experts have warned that issuers could respond by making credit harder to obtain, particularly for borrowers with lower credit scores, as well as reducing credit limits, increasing fees or scaling back rewards.
Warren Says She's 'Ready to Go' on Trump's 10% Credit Card Cap
Trump called in January for credit card interest rates to be capped at 10 percent for one year, arguing that Americans were being “ripped off” by card companies charging rates of 20 to 30 percent or more.
His proposal produced an unusual political alignment between the Republican president and progressive lawmakers who had already advocated limits on credit card rates.
Warren and Trump also discussed the issue directly earlier this year. Trump called the Massachusetts senator after she criticized his economic agenda and argued that he was not doing enough to lower costs, Warren said at the time.
“After my speech, the President called me, and I delivered this same message on affordability to him directly,” Warren said at the time. “I told him that Congress can pass legislation to cap credit card rates if he will actually fight for it.”
A White House spokesperson subsequently told Newsweek that Trump and Warren had a “productive call about credit card interest rates and housing affordability for the American people.”
Trump initially called for the 10 percent rate to take effect January 20, but that deadline passed without the cap being implemented. A White House official later told Newsweek that the administration would work with Congress on credit card interest relief.
Democratic Control of Congress Could Change Trump's Credit Card Push
When Trump called for the cap in January, Republicans controlled Congress, and some of the strongest resistance came from within his own party.
Then-Senate Majority Leader John Thune said the proposal was “not something I'm out there advocating for,” while Senator Thom Tillis, then a member of the Senate Banking Committee, said he was “totally against” a 10 percent cap.
Senators Mike Rounds and Pete Ricketts also raised concerns that limiting rates could restrict Americans' access to credit.
Other Republicans supported Trump's proposal. Senator Josh Hawley joined Senator Bernie Sanders, an independent who caucuses with Democrats, in introducing legislation to impose a 10 percent ceiling for five years. Representative Anna Paulina Luna also backed a cap.
The midterm elections have now altered that congressional equation. Democrats won control of both chambers and are set to take power in January, while Warren is expected to lead the Senate Banking Committee, which has jurisdiction over major financial and banking issues.
That does not mean a credit card cap is assured. Trump would still have to support whatever legislation Congress ultimately passes, and opposition from Republicans and the financial industry remains significant.
But Democrats' victories mean Republican congressional leaders who were reluctant to advance Trump's proposal will no longer control the legislative agenda.
What Trump's 10% Credit Card Rate Cap Could Mean for Consumers
A 10 percent cap could offer significant relief to consumers carrying balances at far higher rates.
Robert H. Scott III, a professor in Monmouth University's Department of Economics, previously told Newsweek that lower rates could allow people carrying revolving balances to pay down existing debt more quickly if the cap applied to that debt.
“In the short term, a 10 percent cap sounds like a win for anyone carrying a balance at today's 20 percent+ average interest rates,” Jennifer Doss, a credit card analyst and executive editor at CardRatings.com, previously told Newsweek. “It's immediate relief that puts money back in people's pockets.”
But Doss also warned of potential “hangover effects.”
Banks use interest rates in part to account for lending risks, and experts have said a 10 percent ceiling could lead issuers to restrict credit for consumers with lower credit scores, reduce borrowing limits, charge higher fees or cut rewards.
Five banking groups, including the American Bankers Association and Consumer Bankers Association, opposed Trump's proposal in January.
“Evidence shows that a 10 percent interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help,” the groups said in a joint statement.
JPMorgan Chase CEO Jamie Dimon was among the most prominent critics, warning that a 10 percent rate cap could cause a drastic contraction in the credit card business.
Democrats Plan to Test Trump on His Economic Promises
Warren's comments also come just days after Congressional Progressive Caucus Chair Greg Casar outlined a strategy for Democrats to press Trump on economic policies that the president himself has supported.
In a three-page memo to caucus members obtained by Politico and previously reported by Newsweek, Casar specifically identified Trump's pledge to cap credit card interest rates as one of the populist promises Democrats should test.
“While we oppose him strongly on the vast majority of fronts, we should send bills to his desk that would lower prices and raise paychecks,” Casar wrote.
“If he signs them, good. If he vetoes those bills, that will propel us to a continued Democratic majority and a trifecta where a Democratic president can sign these proposals into law.”
Warren's remarks Sunday align with that approach following Democrats' midterm victories.
Brennan noted that campaigning is different from legislating and asked Warren whether Trump's stated willingness to work with Democrats matched her expectations for the coming Congress.
“The American people are the ones who've really set the agenda here,” Warren responded. “They're the ones who have told us what they wanted.”
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What Happens Next for Trump's 10% Credit Card Rate Proposal
Whether a 10 percent credit card interest cap can ultimately become law remains unclear.
With Democrats taking control of Congress, supporters will have a new opportunity to advance the proposal. Opposition from the financial industry and some Republican lawmakers remains, however, and Trump would ultimately have to decide whether to sign legislation Democrats send him.
Warren made clear Sunday that she intends to give him that opportunity.
“I got the bill,” she said. “I'm ready to go.”
Newsweek reporters and editors used Martyn, our AI assistant, to produce this story. Learn more about Martyn here.
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