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.

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.

The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday, even though inflation remains above its target. Most economists think the nine-member Monetary Policy Committee will lower the bank's main interest rate by a quarter of a percentage point to 4.

India is expected to cut interest rates for the first time in nearly five years on Friday to provide stimulus to its sluggish economy, with easing price pressures giving policymakers more room to manoeuvre.