Trump Credit Card Cap Would Be An Economic Disaster, Warns JP Morgan Boss. US President Donald Trump faces strong criticism over his proposal to cap credit card interest ratesNwith the head of JPMorgan Chase Jamie Dimon warning it would seriously damage the economy. Chief executive Dimon says limiting credit card rates to 10 percent would slash access to credit for most Americans, calling the plan “an economic disaster”.Speaking at the World Economic Forum in Davos, he warned that credit cards act as vital backup credit for millions of households. Trump proposed the one-year cap in a post on Truth Social, arguing lenders make excessive profits and should give consumers a break. However, Dimon said such a move would hit restaurants, retailers, travel firms, schools and local authorities, as people struggle to meet everyday payments.Trump later defended the idea on CNBC, insisting banks can afford to ease the burden. Banking groups disagree, warning the cap could be devastating for families and small businesses, especially with average US credit card rates currently near 20 percent.