The Trump administration is pressing a new voluntary credit-card concept dubbed "Trump Cards" as President Donald Trump pushes a one-year 10% interest-rate cap, escalating a fresh clash with banks and Congress over how, and whether, Washington can force down borrowing costs for millions of cardholders.

National Economic Council Director Kevin Hassett said the White House expects banks to voluntarily offer new credit cards carrying a 10% rate, framing the move as a potential workaround to legislation that could stall on Capitol Hill.

Trump kicked off the broader pressure campaign earlier this month on Truth Social, calling for a one-year cap on credit-card interest rates to take effect Jan. 20.

"Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%," Trump wrote, without detailing an enforcement mechanism.

Trump's post did not specify how the cap would be implemented or how companies would be made to comply, and analysts interviewed by Reuters said such a step would require congressional approval.

The push lands as credit-card rates remain elevated by recent historical standards. Bankrate reported the average credit-card interest rate was 19.64% as of Jan. 14.

Banking trade groups have warned that the plan could backfire, arguing that a 10% cap would shrink access to credit and steer borrowers toward costlier, less-regulated options.

In a joint statement, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America said "evidence shows that a 10% interest rate cap would reduce credit availability" and could be "devastating for millions of American families and small businesses."

Major issuers have also flagged potential cutbacks if a hard cap is imposed.

Payments Dive reported JPMorgan Chase CFO Jeremy Barnum said the bank would have to "significantly change and cut back significantly" its credit-card business if a cap were put in place, while also signaling legal options could be considered depending on how any directive is structured.

On Capitol Hill, House Speaker Mike Johnson, R-La., told Reuters that Congress should examine Trump's proposal but warned of "negative secondary effects," including the risk that lenders could pull back credit.

Johnson added, "You would need legislation to do something like that."

Reuters contributed to this story.