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.

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 cut interest rates on Thursday from 4.75% to 4.5%, the lowest level for more than 18 months. Lower rates can reduce the cost of borrowing, but could also mean lower returns on savings.

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.

We explain what the Bank of England's decision to cut rates to 4.5% means for your money - and whether rates will be cut again soon.

The Bank of England is expected to lower interest rates for the first time in months, as it seeks to counteract the UK’s sluggish economic growth. Economists anticipate a 0.25 percentage point reduction,