Short take: Probably not a great trade for 2026 — at least not yet.The proposed 10% cap on credit card rates would seriously hurt the biggest earners in the space (think Capital One, Amex, Discover, even some of the big banks’ card divisions). That’s a massive hit to their highest-margin business, and the market already priced in a pretty ugly reaction when Trump floated it.If the cap actually gets passed and sticks for the full year, I’d expect more pain and lower multiples for those names. On the flip side, if it gets watered down, delayed, or quietly killed in Congress/bureaucracy (which is very possible), then the stocks could bounce hard from these depressed levels.Right now it feels more like a high-risk “fade the fear” play than a clean bullish setup. I’d wait for more clarity before getting aggressive long in the big card issuers for ’26.What do you think — are you leaning buy-the-dip or stay away?
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