New Delhi, Jan. 12 -- Days after announcing his plans to put a 10% cap on credit card interest rates, US President Donald Trump on Sunday warned that credit card companies will be violating the laws and threatened consequences if they fail to implement the same by January 20.

Speaking to reporters who asked what happens after January 20 if credit card companies continue to charge over 10% interest rates, Trump said "then they are in violation of the law."

He warned that credit card companies will face "very severe things" if they do not lower the interest rates to 10%.

"I want a cap on credit card interest rates because some of them are 28 - almost 30%. People don't know they're paying 30% (credit card interest rates)," he said.

Trump...