NEW YORK—Fintech Bilt moved quickly into the national debate over credit card pricing this week, unveiling three new credit cards that cap interest rates at 10% for the first year on new purchases—an announcement that follows President Trump’s call for a nationwide 10% ceiling on credit card APRs.
While major issuers including Citi and JPMorgan Chase have warned such a cap could restrict access to credit and weigh on the broader economy, Bilt framed its move as a consumer-friendly response to mounting affordability pressures. The privately held startup, founded in 2019 and now valued at more than $10 billion, said the limited-time cap is meant to show how card products could function under tighter pricing constraints, CBS news stated.
“This is a win for renters. This is a win for homeowners. This is a win for Americans,” said Ankur Jain, Bilt’s founder and CEO, adding the cards are designed to answer what he called a bipartisan demand for relief from rising living costs. Jain said the company would rather lead than react if an interest-rate cap becomes policy, CBS News said.
The three-card lineup includes a premium $495-a-year Palladium Card with travel and rewards credits, a $95 Obsidian Card focused on dining and grocery rewards, and a no-fee option offering cash back and points. The launch comes as average credit card APRs hover near 24%, with some borrowers paying as much as 36%, according to LendingTree. Research from Vanderbilt University estimates Trump’s proposed cap could save consumers—and cost issuers—roughly $100 billion, underscoring why Bilt’s move is being closely watched across the payments industry, CBS News noted.