Bank of America Considers Credit Card with 10% APR Amid Trump Rate Cap Proposal

Bank of America is evaluating the launch of a new credit card that would comply with President Trump's proposal to cap interest rates at 10% for one year, according to sources familiar with the bank's plans. The move comes as Trump accuses credit card issuers of overcharging consumers, though the administration has yet to detail enforcement measures. Currently, Bank of America offers cards like the BankAmericard with introductory 0% APRs, but standard rates range from 14.5% to 24%. Industry experts question Trump's authority to impose such caps and warn of potential economic risks, including reduced consumer spending and access to credit. Despite opposition, some issuers, like Bilt, have already introduced cards aligning with the proposed rate limit. The Federal Reserve reports U.S. credit card debt reached $1.2 trillion in Q3 2026, up 6% from the previous year, highlighting the financial implications of any rate changes.