Bernie Sanders Says Trump 'Lied' About 10% Credit Card Rate Cap, Points to Big Banks Making Billions Charging 25-30% Interest Rates

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Bernie Sanders Says Trump 'Lied' About 10% Credit Card Rate Cap, Points to Big Banks Making Billions Charging 25-30% Interest Rates Radhika Anilkumar Nadig Sat, July 18, 2026 at 9:31 PM EDT 6 min read JPM Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 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. In a post on X, Sanders said major banks earned $49 billion in profit last quarter while charging 25% to 30% credit card interest rates, even as working Americans struggled to pay their bills. He added that Congress should "take on the outrageous greed and usury of Wall Street," accusing banks of profiting from consumers facing high borrowing costs. Trump promised to cap credit card interest rates at 10%. He lied. Last quarter, while working people struggle to pay their bills, big banks made a $49 billion profit charging 25-30% credit card interest rates. We must take on the outrageous greed and usury of Wall Street. — Bernie Sanders (@BernieSanders) July 15, 2026 A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast Sanders referred to Trump's proposal to temporarily cap credit card interest rates at 10%, which the president announced in January as part of a broader push to address consumer affordability. Trump had said the cap would apply for one year beginning on the first anniversary of his second inauguration, criticizing credit card companies for charging interest rates of 20% to 30% or more. However, no nationwide cap has been implemented. Americans owed about $1.25 trillion in credit card debt as of the first quarter of 2026, down slightly from the record $1.28 trillion at the end of 2025 but still roughly 63% higher than five years earlier. A study by the Urban Institute found growing numbers of Americans were relying on credit cards to pay for groceries, with many unable to pay their balances in full. Federal Reserve data showed the average interest rate on credit card accounts assessed interest stood at 22.15% in May, more than double the 10% cap Trump proposed. Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time In February 2025, Sanders and Sen. Josh Hawley (R-Mo.) introduced the legislation that would cap credit card interest rates at 10% for five years. The proposals had not become law, while banking groups have continued to oppose mandatory interest-rate caps, arguing they could restrict access to credit. 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Senator Bernie Sanders criticized the failure to implement President Trump's campaign promise to cap credit card interest rates at 10%, highlighting that major banks earned $49 billion last quarter with high rates of 25-30%. With U.S. credit card debt now reaching $1.25 trillion and high interest rates persisting, household burdens are growing. Increasing political regulatory pressure is expected to continue fueling controversy over the financial sector's profitability models.

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The debate over credit card interest rate caps highlights a significant clash between political populist demands and the profit margins of the banking industry. Despite the massive scale of consumer debt, the institutional reliance on high-interest income remains a pillar of bank earnings.

Continued legislative pressure could force financial institutions to adjust their risk management and revenue strategies, potentially leading to increased scrutiny and stricter compliance requirements.

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