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 8% in early trading and Synchrony Financial lost 9%. Credit cards account for a large share of both banks’ business models. Citigroup lost 4%, JPMorgan Chase shed nearly 3% and Bank of America fell almost 2%. Visa and Mastercard were both down about 2% each.

Other financial services names were caught in the downdraft. American Express fell 4%, while Wells Fargo and Morgan Stanley declined about 1%.

The cap would come into force on Jan. 20., according to a post on Truth Social on Friday, though Trump did not provide additional details on how it would work.

“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” Trump wrote, echoing a pledge he made during the 2024 presidential campaign.

“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” he added.

A cap would require approval from Congress. There has long been interest in curbing fees, and bipartisan bills to cap credit card interest rates at 10% have previously been introduced, highlighting potential appetite for the move.

When asked about his post, Trump said Sunday to reporters that if banks don’t limit rates they would be “in violation of the law.”

Critics said over the weekend that Trump’s plan, if enacted, would cause banks to pull back on lending, causing many consumers to lose access to credit.

The buy-now-pay-later stocks were higher in early trading on the notion more consumers would be forced to use those short-term lenders.

Affirm Holdings jumped 5% in premarket trading. PayPal added 1%.