Trump Executive Order Could Slash Your Credit Card Interest Rates by Friday—Here’s How Your Wallet Benefits
A new executive order signed late Wednesday targets hidden fees and sky-high interest rates on consumer loans, potentially putting up to $500 back in your pocket each month if banks are forced to cap APRs. Starting Friday, lenders may need to disclose penalty fees upfront, meaning no more surprise charges on late payments or overdrafts. Consumer advocates say this could trigger a price war, driving down rates on balances and saving you money on everything from gas to groceries. But act fast—banks are already lobbying to delay the changes, so your savings depend on how quickly you review your statements. Check your credit card agreement today; if your rate drops, transfer balances to lock in the lower cost before the loophole closes.