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

Josh Hawley, Bernie Sanders Propose Capping Credit Card Interest Rates at 10% A new bipartisan bill introduced by a pair of senators would cap credit card interest rates in an effort to help consumers and fulfill one of President Donald Trump’s campaign promises.

If the Hawley–Sanders legislation passes, the government will set a price cap on what credit card companies charge for loaning money. If the companies perceive that the price is too low to offset the risk of loaning to some customers, they'll probably stop offering any credit to those customers.

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 bill sponsored by Sens. Sanders and Hawley would cap credit card APRs, but that could reduce access to credit and credit card rewards programs.

A political odd couple is joining forces to lower credit card interest rates. Sen. Bernie Sanders (I-Vt.) and Sen. Josh Hawley (R-Mo.) unveiled a bill that would cap credit card interest rates at 10%.

There is a bipartisan push in congress to limit interest rates on credit cards to ten percent. While this might face an uphill climb, President Trump did back a credit card cap on the campaign trail.