The Trump administration is evaluating a 15% maximum APR for federally chartered credit cards, a move that could shave hundreds of basis points off current rate levels and compress yields across the US card market. Barclays’ US card business, which relies on spreads between funding costs and average APRs above the cap, would face direct margin pressure if limits take effect.

Barclays executives outlined a toolkit of adjustable levers, including scaling back rewards program costs, introducing or increasing annual and late fees, tightening credit criteria and repricing promotional balances. The bank said these measures can be deployed quickly to preserve net interest margins and maintain profitability on its US credit-card portfolio.