Bank of America, Citigroup Weigh New Cards With 10% Rate (1)

Bank of America Corp. and Citigroup Inc. are exploring options they could offer up as an olive branch to satisfy President Donald Trump’s demand to cap credit card interest rates at 10% for one year.

Both banks are separately mulling offering cards with a 10% rate as one potential solution, according to people familiar with the matter who asked not to be identified citing private information.

Representatives for Bank of America and Citigroup declined to comment.

Earlier this week, Trump said he would ask Congress to implement the proposal, giving the financial firms more clarity about what exact path ...