Stock Movers Capital One, American Express, Visa Sink on Trump Credit-Card Threat
Jan 12, 2026
Denitza Sokova, a Bloomberg cross-asset reporter, breaks down the recent plunge in stocks for major credit card issuers like Capital One, American Express, and Visa after Trump proposed capping interest rates. She discusses the shocking impact on Capital One, the largest issuer in the U.S., and analyzes its recent acquisitions. The conversation also explores American Express's affluent customer base and the unique dynamics of its charge-card products, as well as the indirect effects on Visa and Mastercard in the changing financial landscape.
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Capital One Faces Biggest Exposure
- Capital One fell sharply because it's the largest U.S. card issuer and most exposed to an interest-rate cap threat.
- The stock dropped as much as 8.2% on the surprise policy proposal despite recent analyst optimism and strong 2025 gains.
Discover Deal Adds Revenue And Risk
- Capital One's Discover acquisition broadened its interchange revenue but also expanded its card portfolio risk.
- That deal diversifies income yet increases the company’s target if regulators act on rate caps.
AmEx Less Dependent On Interest Income
- American Express slid about 4% amid investor concern over a potential 10% rate cap.
- Analysts note Amex is less reliant on interest income because many cardholders are affluent transactors who pay balances in full.