Bilt offers credit cards with temporary 10% APR after Trump proposes interest-rate cap
CBS News • • business
Key Points:
- Financial technology company Bilt has launched three new credit cards with interest rates capped at 10% for one year, targeting new purchases only.
- The move follows President Trump's proposal to cap credit card interest rates at 10%, which faced opposition from major banks like Citi and JP Morgan Chase due to concerns over credit access and economic impact.
- Bilt, valued at over $10 billion and known for rewarding rent and mortgage payments, positions its new cards as a solution to the affordability crisis affecting many Americans.
- The new card tiers include the Bilt Palladium Card with a $495 annual fee and $600 in combined credits and rewards, the Bilt Obsidian Card with a $95 fee offering rewards on dining and groceries
