President Trump’s call for a 10% cap on credit card interest rates has prompted the White House to explore executive action that could directly affect major card issuers such as American Express. Industry analyses warn that imposing a 10% ceiling would force banks to restrict or eliminate up to 88% of existing cards, with low- and moderate-income consumers hit hardest. American Express executives have expressed concern that mandatory rate limits could shrink the company’s revolving balances by more than half, potentially causing a material reduction in interest income and rewards program funding.

In response to backlash over the proposed rate cap, National Economic Council Director Kevin Hassett outlined a voluntary “Trump card” program under discussion with large banks. The plan would encourage issuers like American Express to extend credit to consumers with stable incomes but limited credit histories, without requiring new legislation. Executives at American Express are evaluating pilot frameworks that leverage alternative data—such as utility and rental payment records—to underwrite up to 5 million new card accounts over the next year for underserved segments.

Through the first nine months of 2025, American Express reported revenue of $53.2 billion, a 9% increase year-over-year, while net income rose 5% to $8.4 billion. The company’s focus on a higher-end consumer base has supported a gross margin above 60% and limited credit losses to 2.7% of average receivables. Management noted that cardmember spend per account grew 7% over the period, and membership increased by 4% globally. Investors view American Express’s resilient fee revenue and disciplined risk management as key drivers for sustained long-term growth, with shares up more than 20% over the past year.