Banks and financial services stocks fell Monday after Trump called for a one-year, 10% cap on credit card interest rates starting January 20, 2026.

Capital One and Synchrony Financial saw the largest declines, while more diversified banks like JPMorgan and Bank of America fell modestly, along with Visa and Mastercard.

Critics warned the cap could make credit unprofitable, prompting banks to reduce lending and scale back rewards, potentially limiting consumer access to credit.

Buy-now-pay-later companies initially gained on expectations of higher demand, but those gains largely reversed after the market opened, CNBC has reported.

Industry insiders said the move could hurt consumer spending, which drives roughly two-thirds of the U.S. economy.