Bilt's new credit cards to feature 10% interest rate, answering lawmakers' pleas

""bipartisan call for a solution""

""If [a credit card rate cap] is going to happen, we'd rather be at the forefront," Jain said."

Bilt is overhauling its credit cards to include a 10% introductory annual percentage rate on new eligible purchases for the first 12 months for cardholders approved for one of three new cards. After the introductory period, purchases, balance transfers, and cash advances will carry APRs that can exceed 20%, similar to other rewards cards. Bilt originally focused on earning rewards on rent and routine purchases and is expanding into mortgages and other routine transactions. The company was valued at $10.75 billion last year and says roughly one in four landlords accept Bilt. CEO Ankur Jain framed the rate cap as meeting a "bipartisan call for a solution" on affordability and acknowledged the change could help attract new customers. The timing coincides with President Trump proposing a one-year 10% cap on credit card APRs while the industry average remains near 21%.

Read at Fast Company