President Trump is floating a new proposal to cap credit card interest rates at 10%, giving companies until January 20 to comply. While supporters argue it could provide relief for consumers struggling with high-interest debt,

Bank of America and Citigroup are reportedly considering offering credit cards with a 10% interest rate in an effort to appease President Trump, who recently demanded a cap at that level for one year.

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Credit builder cards are designed to help kick off – or grow – a credit score. This is the measure lenders use when deciding whether or not to grant a loan or credit card, and at what interest rate. Generally the lower a borrower’s credit score, the better the card and loan deals they’’ll be offered.