President Trump is calling for a temporary 10% cap on credit card interest rates. CNBC's senior personal finance correspondent Sharon Epperson breaks down what it could mean for consumers.

Washington

President Trump has announced a proposal to cap credit card interest rates at 10% for one year, starting January 20th. Analysts and banking insiders have raised concerns about the president's authority to implement such a cap without congressional legislation and warn that it could make credit card lending unprofitable, potentially pushing consumers toward less regulated alternatives.

Some experts suggest that a higher cap may be considered and that any implementation would take time. In the meantime, consumers are advised to seek lower rates by contacting card issuers, using balance transfer offers, or improving their credit scores to secure better terms.

Trump calls for one-year, 10% credit card interest rate cap

President Trump is calling for a one-year 10 percent cap on the interest rates that credit card companies can charge customers beginning January 20th. Here's what that could mean for your money. I'm Sharon Epperson, CNBC senior personal finance correspondent and the editor of the Money 101 newsletter. Some analysts say it is unclear what authority the president has to implement a 10 percent rate cap. And it's unlikely this plan will proceed without congressional legislation. Some banking insiders say capping the rate at 10 percent would prevent companies from offering credit cards at a profit and drive consumers toward less regulated or more costly alternatives. Other analysts say Treasury Secretary Bessett may push back on this cap to avoid limiting credit card lending and exposing banks to risk. Still a higher cap could be on the table some say. That could take some time. For now you can take steps to lower card rates on your own. Try calling your card issuer and asking for a lower rate. You don't ask for it. You won't get it. Use a zero percent balance transfer credit card to avoid interest entirely often for more than a year or transfer your card balance to a lower interest personal loan. These strategies make sense if you have a good credit score. If not working to raise your score should be your first step. Paying your bills on time and lowering the amount of credit that you use are essential to improve your score. Use less than 30 percent of available credit. And experts say bringing what's known as your credit card utilization under 10 percent will give your credit score an even bigger boost and pave the way for better terms and lower rates on your cards.

Britain will bring into effect a law criminalizing the creation of non-consensual intimate images this week, technology minister Liz Kendall told parliament after regulator Ofcom launched an investigation into Elon Musk's X.

London

UK investigates Musk's X over Grok sexual deepfakes

Malaysia and Indonesia have become the first countries to block Grok, the artificial intelligence chatbot developed by Elon Musk's company xAI, amid concerns that it is being misused to generate sexually explicit and nonconsensual images.

Malaysia and Indonesia block Musk’s Grok over sexualized AI images

India's Prime Minister Narendra Modi has welcomed German Chancellor Friedrich Merz, who is on a two-day visit. Merz is traveling with a large business delegation as Germany seeks to deepen economic and security ties.

New Delhi

Germany's Merz makes first official visit to India

Authorities arrested a suspect after a fire badly damaged the largest synagogue in Mississippi. Investigators say the fire pattern and video surveillance point to arson.

Jackson

Suspect arrested in alleged arson attack at Mississippi synagogue

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Minneapolis

Hundreds more ICE agents headed to Minneapolis after fatal shooting

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U.S. opens criminal investigation into Fed Chair Jerome Powell

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Trump says Iran 'wants to negotiate' as protests intensify

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Trump weighs military option in Iran amid rising death toll

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Trump briefed on new military options for Iran strikes amid protests

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Tehran

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Las Vegas

Rise of AI

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Human remains were found in Australia's southeast where bushfires raging for days have razed buildings, cut power to thousands of homes and burned swaths of bushland, police said. The blazes are burning out of control during a summer heat wave in Victoria state.

Victoria

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Protests in Iran defy government crackdown

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Iran's army threatens to join crackdown against protesters

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Nuuk

Greenland rejects Trump's threats

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Trump says U.S will act on Greenland, 'whether they like it or not'

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Philadelphia

Protests spread across the U.S. over ICE shooting of woman

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Cebu City

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Simon's Town

South Africa hosts Russia, Iran and China for military exercise

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Luigi Mangione was back in court on Friday, where his lawyers worked to block the Justice Department from seeking the death penalty in his federal trial for the killing of UnitedHealthcare CEO Brian Thompson. Mangione pleaded not guilty in April 2025.

New York

Luigi Mangione's lawyers fight to block death penalty

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Trump says U.S. will act on Greenland, 'whether they like it or not'

U.S. President Donald Trump began a meeting to discuss Venezuela with executives from some of the world's largest oil companies at the White House, saying he wants them to invest $100 billion in the country to vastly expand its production.

Venezuela Strikes

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The U.S. seized another oil tanker linked to Venezuela in the Caribbean, U.S. Southern Command confirmed on Friday (January 9). The seizure of the vessel comes as President Donald Trump prepares to meet with oil company executives at the White House.

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U.S. President Donald Trump is reiterating his threats against Iran's regime if violence and deaths continue during protests. CBS News' Imtiaz Tyab has more.

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Russia fired a powerful hypersonic missile overnight at a target in Ukraine near the border with NATO-member Poland, in what Kyiv's European allies described as an attempt to intimidate them from supporting Ukraine.

Kyiv

Ukraine Invasion

Russia fires hypersonic missile at Ukraine target near NATO border

A majority of European Union countries have agreed to sign a trade deal with the South American trading bloc, Mercosur. It'll be the EU's biggest free-trade pact and comes after decades of negotiations.

Breakdown