Key Takeaways Senators Bernie Sanders and Josh Hawley introduced a bill last week that would cap credit card interest rates at 10%.Banks said a cap that low would significantly decrease the number of people it could issue credit cards to.

A bill would cap credit card rates at 10%, something Trump promised on the campaign trail. Will Trump follow through? Will consumers benefit?

Factors like your debt-to-income ratio, your income and existing debt all influence the interest rate on your credit card. And consumers who are considered high-risk are approved with a higher interest rate as a way for banks and issuers to compensate for the possibility of default.

Senators Bernie Sanders and Josh Hawley say they will propose a 10 percent limit on credit card interest rates.

Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introduced a bill Tuesday seeking to cap credit card interest rates at 10 percent. “Credit card interest rates are out of control. Rates have

New legislation in Congress that would cap credit card interest rates at 10% that has the backing of President Trump could reshape financial services, though it would carry a cost.