Bilt Launches Credit Cards with Temporary 10% APR Following Trump’s Interest Rate Cap Proposal
New York, January 14, 2026 — Financial technology company Bilt has introduced three new credit card offerings featuring a temporary annual percentage rate (APR) cap of 10% on new purchases for one year. This move comes in response to President Donald Trump’s recent proposal to impose a 10% ceiling on credit card interest rates nationwide.
Bilt, a fintech startup headquartered in New York and valued at over $10 billion, is known for its innovative reward system that allows cardholders to earn points on rent and mortgage payments—transactions that traditionally do not yield credit card rewards. By partnering directly with landlords, Bilt card users can accumulate rewards on everyday housing expenses.
Trump’s Interest Rate Cap Proposal
Earlier this week, President Trump suggested capping credit card interest rates at 10%, a policy move aimed at providing relief to consumers grappling with high borrowing costs amid ongoing economic pressures. The proposal, however, has faced immediate opposition from major financial institutions including Citi and JPMorgan Chase. These banks warn that such a cap could lead to reduced access to credit for many consumers and potentially dampen the broader U.S. economy.
Despite this pushback, Bilt is embracing the opportunity to position its product line as consumer-friendly financial tools designed to alleviate the affordability challenges faced by many Americans.
Bilt CEO Emphasizes Support for Consumers
Ankur Jain, founder and CEO of Bilt, highlighted the company’s commitment to supporting renters and homeowners during this period of financial strain. “This is a win for renters. This is a win for homeowners. This is a win for Americans,” Jain stated, underscoring the company’s strategy to align its offerings with bipartisan calls for cost-of-living solutions.
He added that if an official interest rate cap is established, Bilt intends to be “at the forefront” of providing accessible and affordable credit.
Details of Bilt’s New Credit Cards
Bilt’s new credit cards come in three tiers, all featuring the 10% APR cap for the first 12 months on new purchases:
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Bilt Palladium Card: With a $495 annual fee, this premium option offers $400 in annual credits redeemable for hotel stays, plus $200 worth of Bilt Cash—reward points redeemable within Bilt’s partner network.
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Bilt Obsidian Card: This mid-level card, which carries a $95 annual fee, provides rewards on dining and grocery purchases, catering to everyday spending habits.
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No-Fee Bilt Card: The entry-level card has no annual fee and offers a mix of cash back and points on select purchases, appealing to budget-conscious consumers.
According to LendingTree, the average credit card APR currently sits around 24%, with borrowers who have poor credit often paying rates up to 36%. Bilt’s capped rates represent a significant reduction in borrowing costs, at least for the initial year.
Economic Impacts and Research Insights
A Vanderbilt University study estimates that President Trump’s proposed interest rate cap could save consumers approximately $100 billion but would correspondingly impose costs on credit issuers. Critics argue that the policy could restrict credit availability, particularly for higher-risk borrowers.
Bilt’s tactical introduction of these cards showcases a fintech approach to meeting contemporary economic challenges by offering more approachable credit products aligned with potential regulatory changes.
Looking Ahead
As the debate over credit card interest rate regulation intensifies, Bilt’s announcement signals a proactive stance among fintech companies aiming to innovate within a complex credit landscape. The company’s hybrid model—combining competitive interest rates with rewards on traditionally unrewarded expenses like rent—may influence future credit offerings as consumers seek relief from spiraling costs.
For more information on credit card interest rates, consumer impacts, and upcoming regulatory developments, stay tuned to CBS News MoneyWatch.
Reporting by Megan Cerullo, CBS MoneyWatch. Edited by Alain Sherter. Associated Press contributed to this report.