Bank of America CEO Warns Credit-Card Rate Cap Would Restrict Access to Credit

By Connor Hart

Bank of America Chief Executive Brian Moynihan said public debate over President Trump's proposed cap on credit-card interest rates reflects concerns about the unintended consequences such a move would have.

"The explanation we've always made sure people understood is that if you bring the caps down, you're going to restrict credit," Moynihan said Wednesday on a call with analysts. That means fewer people will get credit cards, and the balance available to them will also be restricted.

His comments come after Trump said last week that Americans were being "ripped off" by credit-card companies charging high interest rates. In an effort to ease economic pressure on households, Trump said he would seek to cap credit-card rates at 10% for one year.

Trump didn't provide details on how the cap would be enacted but said he wanted it to begin on Jan. 20.

Credit-card interest rates average around 23% and haven't been below 10% in data going back to 1994, according to the Federal Reserve.

Moynihan said Bank of America has taken steps to keep credit accessible to a broad range of consumers, including offering a so-called no-frills credit card with a lower interest-rate structure.

"We're all for affordability," he said, adding that it must be balanced against access to credit.

Moynihan's comments echoed remarks from JPMorgan Chief Financial Officer Jeremy Barnum, who said Tuesday on a call with analysts that a temporary cap would drastically alter the credit landscape.

"People will lose access to credit on a very extensive and broad basis, especially the people who need it the most," Barnum said. "That's a pretty severely negative consequence for consumers."

Beyond consumers, Barnum said such a move would hurt JPMorgan's business and the broader economy. Industry groups have warned that a cap could prompt banks to cut back their existing credit-card portfolios.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 14, 2026 10:35 ET (15:35 GMT)