Bilt Unveils Credit Cards With 10% Interest Rate Amid Trump Calls for Cap
Business Insider • • business
Key Points:
- President Donald Trump has advocated for capping credit card interest rates at 10%, aiming to protect consumers from high rates currently ranging from 20% to over 30%.
- Bilt Rewards has preemptively introduced new credit cards under "Bilt 2.0," offering a 10% interest rate for the first year before rates rise to between 26.74% and 37.47%.
- Legislative efforts to impose a 10% interest rate cap include a bipartisan bill introduced by Senators Bernie Sanders and Josh Hawley, with Trump engaging Democratic Senator Elizabeth Warren on the issue.
- House Speaker Mike Johnson criticized the proposal, warning it could lead to reduced lending or lower borrowing limits, reflecting broader concerns from some business
