New Delhi, Jan. 10 -- President Donald Trump's proposal to slash interest rates on credit cards has sparked concern across the US banking industry, with lenders warning that the move could have unintended consequences.

Banks say that reducing fees could make it harder for them to offer credit, which may leave some consumers and businesses with fewer borrowing options, news agency AFP reported.

Trump said on Saturday that starting 20 January 2026, the first anniversary of his administration, he was calling for a one-year cap on credit card interest rates at 10%. He said that the proposal is aimed at easing the burden on consumers facing high borrowing costs.

"We will no longer let the American Public be ripped off by Credit Card Compani...