Colorado senators have overwhelmingly rejected an effort to reduce finance charges on some credit cards. The Democratic bill failed 6-1 in a Senate committee yesterday. The measure would have capped finance charges on credit cards from Colorado lenders at 12.5 percent, instead of the current 21 percent limit. But five Republicans and one Democrat voted against the idea from Senator Jessie Ulibarri of Commerce City. They sided with banks that said the cap would make them less competitive against national institutions. Federally chartered banks would not have been subject to the restrictions. The vote was a second setback for Democrats who are newly in the minority in the Senate. They have proposed a slate of bills to reduce finance charges and college tuition.