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%.

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

New legislation pointed at capping credit card interest rates at 10% will erase card rewards for most consumers, financial experts told the Washington Examiner. Sens. Bernie Sanders (I-VT) and Josh Hawley (R-MO) introduced the bill on Thursday that would cap credit card interest rates for five years.

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.