Bilt launches three credit cards with 10% APR for 12 months after President Trump calls for a cap

Bilt on Wednesday unveiled three new tiered credit cards that offer a 10% APR for all customers over the next 12 months after President Trump called for a cap on credit card interest rates.The New York-based startup is the first credit card issuer to heed Trump’s call to cap rates at 10% for one year, starting Jan.20 – even as Wall Street panicked that a cap could squash spending and transaction volumes, and restrict card approvals to high-income consumers.The APR for all three of the new Bilt cards – which offer perks on rent and mortgage payments – will jump to 26.74% to 34.74% after 12 months.

The cards are partnered with Cardless, Fidem Financial and Column N.A.“Leading this initiative felt like a no-brainer to us,” said Ankur Jain, founder and chief executive of Bilt, adding that the 10% APR offer follows “bipartisan calls for affordability.”“We’ve taken that quite seriously,” Jain told The Post.“I think most people under the age of 40 living in high-income areas are still living largely paycheck to paycheck.

Things are expensive.”In a Jan.9 post on Truth Social, Trump argued that credit card companies have “ripped off” Americans by charging interest rates of 20% to 30%. The average credit card interest rate in the US hit 23.79% in January, according to LendingTree.Bilt members who currently have a Bilt Card will have to select one of the three new options by Jan.

30 to keep their same credit card number.It will automatically update on Apple Pay and Google Pay.All three of the credit cards offer customers rewards for use at local restaurants, fitness studios and pharmacies; over 100 airline and hotel partners; and Lyft rides. The company’s most premium offering is the Bilt Palladium Card, which has a $495 annual fee – though Bilt says the credit cards are designed to deliver more value each year than the annual fee.Customers with a Bilt Palladium Card will earn two times the points on everyday spending and 4% Bilt Cash b...