Credit card stocks sink after Trump proposes interest rate cap | Delta, United, Other Airline Sto…

Explore the latest developments concerning Credit card stocks.

Capital One drops 10%, other banks hit after Trump calls for credit card rate cap; Affirm gains

Banks and financial services stocks slid Monday after U.S. President Donald Trump called for a 10%, one-year cap on credit card interest rates.

Capital One shares dropped 7% in early trading and Synchrony Financial tumbled 8%. Credit cards account for a large share of both banks' business models. Other banks that are more diversified saw smaller losses. Citigroup lost almost 4%, JPMorgan Chase shed 2% and Bank of America fell 1%. Visa and Mastercard, credit card processors that don't put any of their capital at risk, were down 2% each.

Other financial services names were caught in the downdraft. American Express slumped 5%, while Wells Fargo and Morgan Stanley declined about 1%.

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