Bank of America (BAC) and Citi (C) are exploring options for a credit card with a 10% rate after President Trump demanded rates be capped at 10% for one year, Katherine Doherty and Todd Gillespie of Bloomberg report, citing people familiar with the matter. Bank of America CEO Brian Moynihan said today that a 10% cap would slow consumer spending, but noted that the bank has been talking to the administration about it.
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