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.

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

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.

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

Political odd couple Josh Hawley and Bernie Sanders on Wednesday announced they are jointly sponsoring a bill that would force credit card issuers to cut interest rates to 10%, which would ostensibly lower payments for Americans who carry a balance while fulfilling a campaign promise made last year by President Donald Trump.

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.