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 introduced new legislation that would cap interest rates on credit cards at 10% to fulfill one of President Trump's campaign promises.

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

A new bipartisan bill is aimed at giving consumers a break when it comes to credit card interest rates, capping them at 10%.