Bill would cap credit card interest rates at 10%. What it means for you

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Despite the Federal Reserve’s recent cuts, credit card interest rates have been hovering near record highs. A new bipartisan bill would cap them at a dramatically lower figure, but experts say it may not be a win for consumers. Senators Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., introduced a bill this week that would cap credit card interest rates at a 10% annual percentage rate (APR) for five years. It’s an idea President Donald Trump floated at campaign rally in New York in September.