Morning Business Report: Banks consider 10% credit card rates as Trump pressures industry

Bank of America and Citigroup are reportedly considering offering credit cards with interest rates capped at 10 percent, according to Bloomberg.

(LILAMAX)- Bank of America and Citigroup are reportedly considering offering credit cards with interest rates capped at 10 percent, according to Bloomberg. The move is seen as an effort to appease Donald Trump, who has repeatedly pushed for limits on credit card interest rates.

Bloomberg reports the banks are exploring the idea, though neither institution has confirmed the plans. Supporters of the proposed cap — which Trump first floated on the campaign trail — argue it would provide meaningful relief to consumers struggling with inflation. Banking groups, however, warn government-imposed limits could restrict credit card approvals to higher-income consumers with excellent credit scores.

Meanwhile, President Trump has filed a $5 billion lawsuit against JPMorgan Chase, claiming the bank wrongfully “de-banked” him following the January 6, 2021 attack at the U.S. Capitol. JPMorgan says it does not discriminate based on political affiliation and has endorsed efforts to change regulations that require banks to drop certain clients. The bank added it believes the lawsuit has no merit.

Markets showed signs of relief, with the Dow Jones Industrial Average climbing roughly 300 points as investors recovered from recent Greenland- and tariff-related volatility. Economic growth was also reported to be stronger than expected over the summer.

On Capitol Hill, executives from major insurance companies testified before lawmakers about rising costs. Insurers blamed hospitals and drug manufacturers, while members of both parties criticized the industry over high executive compensation and widespread denials and delays in patient care payments.

A new survey highlights the financial burden of weight loss for many Americans. A poll of 2,000 U.S. adults actively trying to lose weight found respondents spent an average of $12,308 in 2025 pursuing weight and BMI goals — a cost some describe as a quiet but persistent “weight tax.” The research, conducted by Talker Research on behalf of Hims, found expenses ranged from groceries and clothing to repeated diet and fitness efforts.