Massachusetts Senator Warren Calls On Trump To Honor Promise To Cap Credit Card Rates

President Donald Trump is “all talk and no action” on his promise to deliver credit card relief to American consumers.

That’s the argument from U.S. Sen. Elizabeth Warren, D-Mass., on the eve of Republican Trump’s State of the Union address to a joint session of Congress.

The Cambridge lawmaker ventured onto turf that’s traditionally friendly to the White House, penning a commentary piece for Fox News.

There, she said Trump could deliver on campaign promises to make life more affordable for Americans by following through on a vow to cap credit card interest rates at 10%.

“This could save the average American with credit card debt about $900 a year. Collectively, families would save roughly $100 billion, giving them some breathing room and strengthening the economy overall,” Warren said.

Trump asked the big banks to reduce interest rates, giving them a Jan. 20 deadline to act. That deadline has come and gone without action, Warren said.

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Nationwide, Americans collectively carried $1.21 trillion in credit card debt last year, according to one analysis. That comes to an average balance of about $5,595 per cardholder.

Credit card debt rose between 2023 and 2025 for every age bracket, with Generation X carrying the highest average debt, according to that same analysis.

Warren and Trump clashed last month after the Massachusetts lawmaker called the president out on his affordability agenda, netting herself a White House phone call in the process.

Since that Jan. 20 deadline, Trump and his budget czar, Russell Vought, have moved in the opposite direction by “trying to sideline the Consumer Financial Protection Bureau, which could be used to bring down credit card costs,” Warren argued.

“While Trump claims he wants a credit card interest rate cap, his own regulators are helping out those very same Wall Street banks that are ripping off Americans and blocking states from protecting their citizens from sky-high loans,” she said.

Meanwhile, “the big banks are coming out of the woodwork to warn of an ‘economic disaster’ if we cap credit card interest rates. Give me a break,” Warren continued.

“These are the most profitable financial institutions in the history of the world. There is no reason for them to demand 25% or 30% interest rates when smaller banks and credit unions are offering much lower credit card interest rates and are still making solid profits,” she said.

Warren said she’s willing to work with the White House on legislation to cap credit card interest rates.

“The Senate Banking Committee could hold hearings in March and get a bill to the president’s desk this spring,” she said. “No more delays. It’s time to deliver relief for American families.”