Sen. Bernie Sanders of Vermont and Sen. Josh Hawley, a Republican from Missouri, introduced legislation to cap credit card interest rates at 10%.

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.

A new bipartisan bill introduced in Congress on Tuesday would cap the interest rate that credit card companies can charge at 10%. The bill has bipartisan support from unusual bedfellows: U.S. Sens. Josh Hawley,

Sanders and Hawley’s bill comes after President Donald Trump vowed in the 2024 race to temporarily cap credit card interest rates at 10%.

A bipartisan bill from Sens. Bernie Sanders and Josh Hawley aims to codify a campaign promise made by President Donald Trump to cap credit card rates to 10%.

Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introduced a bill Tuesday seeking to cap credit card interest rates at 10 percent.