A bill to limit the interest rate on credit cards has been introduced in Congress. The banking industry says capping rates would have unintended consequences.

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 you’re thinking of getting a credit card so you can rack up frequent flyer points, consider this: many programs are no longer the “goldmine” they once were.

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.

Sanders and Hawley’s bill comes after President Donald Trump vowed in the 2024 race to temporarily 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.