Why Trump's idea for a 10% cap on credit card rates could backfire, according to UBS [Business Insider]
Synchrony Financial (SYF)
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Source: Business Insider
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in Trump proposed a 10% cap on credit card interest, sending financial stocks tumbling on Monday. UBS said the plan would have unintended negative effects. Rather than offer cheaper credit cards, many firms would dial back credit availability, UBS said. President Donald Trump's idea to cap credit card interest could have far-reaching unintended consequences, UBS said on Monday. On Friday, Trump posted on Truth Social that he was calling for a one-year, 10% rate cap for credit card interest, stating that the industry has been taking advantage of consumers. The idea sparked a sell-off in major financial stocks on Monday, including Capital One, Synchrony Financial, JPMorgan, and Citigroup. While investors reacted to the latest threat to lenders' bottom line, UBS said that Trump's plan would have a negative impact on Main Street despite its in
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- Is Synchrony Financial (SYF) Pricing In Its Recent 11% Slide And Credit Card Partnerships? [Yahoo! Finance]Yahoo! Finance
- Why Synchrony Financial (SYF) Is Down 11.8% After Trump's Proposed Credit Card Rate Cap - And What's Next [Yahoo! Finance]Yahoo! Finance
- Synchrony Financial: The Dip Made Valuation Synchronized With Fundamentals [Seeking Alpha]Seeking Alpha
- Klarna CEO backs Trump's 10% credit card cap, criticizing rewards as built on poorer borrowers' debt [Yahoo! Finance]Yahoo! Finance
- Klarna CEO backs Trump's 10% credit card cap, criticizing rewards as built on poorer borrowers' debt [Business Insider]Business Insider
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