JPMorgan pushes back on Trump proposal for credit card fee cap: Everything is on the table

JPMorgan Chase is pushing back on President Trump’s proposed 10% cap on credit card interest rates, with the bank’s top finance executive warning that the move would be “very bad for consumers” and force a radical overhaul of one of Wall Street’s most profitable businesses.“If it were to happen, it would be very bad for consumers, very bad for the economy,” JPMorgan Chief Financial Officer Jeremy Barnum said on the bank’s earnings call on Tuesday.If the cap is implemented, the company’s credit card operation “would be a business that we would have to significantly change,” the exec added.Barnum said “everything is on the table” as it relates to the bank’s response to the proposal.The bank’s CEO Jamie Dimon echoed those remarks, saying, “You would have to adjust your model for the added risk by this and ongoing price controls.”“It would be dramatic,” he observed during the call with analysts.Asked for comment, a White House spokesperson said, “President Trump pledged to turn the page on Joe Biden’s affordability crisis, and the Administration is committed to using ever lever of power to deliver,” adding that additional details on Trump’s credit card policies would be “forthcoming.”JPMorgan is the nation’s largest credit card issuer by outstanding balances.As of 2025, the lender held about $211 billion in outstanding credit card balances — roughly 18% of the US market — according to industry estimates.The bank’s US credit card loan book stood at roughly $235 billion as of the third quarter of 2025 and was projected to rise further following its agreement to take over Apple’s credit card portfolio.Trump has been escalating pressure on the card industry, urging lawmakers to back the Credit Card Competition Act — a bipartisan measure that would allow retailers to route transactions away from Visa and Mastercard.

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