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.

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%.

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

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.

There's a bipartisan debate underway in Congress to potentially cap credit card interest rates — and it involves an unlikely pair of lawmakers.

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.