Bilt Obsidian card, Palladium card, and blue card. (AP Photo)
Fintech company Bilt is shaking up its credit card lineup, offering an introductory interest rate of 10% for the first year on new purchases. The move comes amid growing political attention on credit card costs, including President Donald Trump’s recent push for a one-year 10% cap.
Bilt, known for rewarding renters on rent and other everyday purchases, has been expanding its financial offerings. The company, backed by venture capital and pension funds, was valued at $10.75 billion last year. It now reports on-time rental payments to credit bureaus for roughly one in four landlords and is adding rewards for other routine transactions, including mortgage payments.
CEO Frames Move as Bipartisan Solution
In an interview, CEO Ankur Jain said the 10% cap is meant to meet the “bipartisan call for a solution” to affordability challenges. He also acknowledged the strategy could attract new customers.
“If a credit card rate cap is going to happen, we’d rather be at the forefront,” Jain said.
The introductory 10% annual percentage rate (APR) applies for the first 12 months on new purchases for cardholders approved for Bilt’s three new cards. After that, APRs for purchases, balance transfers, and cash advances return to standard rates above 20%, comparable with other rewards cards.
Credit Card Industry Pushback
The industry has long opposed caps on interest rates. The average credit card APR hovers around 21%, and researchers estimate Trump’s proposal could cost the sector $100 billion. Progressive politicians, including Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders, have supported similar caps.
Bilt’s voluntary rate limit could influence politics by providing a concrete example for lawmakers to push larger competitors like JPMorgan Chase, Capital One, and American Express to follow suit.
New Card Program and Rewards
Bilt unveiled the new cards at the World Trade Center on Wednesday, following a “good, better, best” model. All cards are tied to Bilt Cash, a points program redeemable as cash back within the Bilt ecosystem. Merchants partnered with Bilt help boost rewards locally, and airline and hotel transfer partners remain in place.
The top-tier Bilt Palladium Card has a $495 annual fee and offers $400 in hotel credits plus $200 in Bilt Cash. The mid-tier Bilt Obsidian Card, with a $95 annual fee, emphasizes dining and grocery rewards. The basic Bilt Blue Card has no annual fee and still provides cash back and points accumulation at lower rates.
New Partnerships After Wells Fargo Split
Bilt is moving beyond its “credit card for renters” image, aiming to act as a financial hub connecting landlords, merchants, and renters. The company previously partnered with Wells Fargo, but the collaboration ended amid reported losses of $10 million per month.
The new program is issued through credit card operator Cardless, with Column N.A. serving as the issuing bank.
