NEW YORK–Not waiting on Congress to act, the fintech Bilt, whose credit cards offer customer rewards for rent and mortgage payments, is taking advantage of President Trump’s call for a 10% cap on credit card rates to announce it will put such a cap in place on three new credit cards.
The offer applies only to new purchases.
“This is a win for renters. This is a win for homeowners. This is a win for Americans,” Ankur Jain, founder and CEO of Bilt, said in a statement.
The privately held startup, which launched in 2019 and is now valued at more than $10 billion, partners with landlords to let cardholders earn rewards on routine transactions, like rent payments, CBS News noted.
In his statement, Jain said the new credit cards are designed to meet the “bipartisan call for a solution” to the cost-of-living crisis facing many Americans. Should the U.S. impose an interest rate cap, Jain told the AP, “We’d rather be at the forefront,” he said.
Three Options
Bilt is offering three credit card tiers capped at a 10% APR rate for 12 months.
- The Bilt Palladium Card, which comes with a $495 annual fee, gives members $400 in annual credits redeemable for hotel stays, plus $200 worth of Bilt Cash, which are points that can be redeemed within the Bilt ecosystem, including at businesses it’s partnered with.
- The Bilt Obsidian Card, which lets users accrue rewards on restaurant and grocery charges and comes with a $95 annual fee.
- The bottom-tier card has no annual fee and offers cash back and points on some purchases.
