January 23, 2026

The share price of American Express fell by 4% while Visa and Mastercard's dropped

more than 2% following President Donald Trump’s mandate for a 10% one-year cap on

credit card interest rates. 

Other US lenders including JPMorgan Chase and Bank of America also saw their shares

open more than 1% lower as Trump re-iterated an idea he put forward during his 2024

presidential campaign to limit credit card rates to address the cost of living concerns of

many Americans.

The announcement carries implications around the world. In the UK, for example, around

£8bn (US$10.8bn) was wiped from the market value of the country’s banks by the middle

of Monday 12 January local time.

Revealing his plan on Truth Social, President Trump writes: “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.

Trump also used Truth Social to say he was directing mortgage giants Fannie Mae and

Freddie Mac to buy $200bn worth of mortgage bonds — a move that immediately

rippled through financial markets, sending mortgage rates plunging.