Bilt Rewards, a company best known for letting cardholders earn points on rent and mortgage payments, has taken a bold new step in the credit card market. On January 14, 2026, the firm announced the launch of three new credit cards—dubbed the "Bilt 2.0" suite—with interest rates capped at 10% for the first year on new purchases. The move comes just days after President Donald Trump publicly called for a national 10% ceiling on credit card interest rates, thrusting the issue of consumer debt and affordability into the political spotlight.
The new cards, which include the Bilt Blue Card (no annual fee), the Bilt Obsidian Card ($95 annual fee), and the Bilt Palladium Card ($495 annual fee), will maintain the 10% rate for one year. After that, interest rates for new cardholders will jump significantly, ranging from 26.74% to a whopping 37.47%, depending on the specific card. According to Bilt, the capped rate applies only to new purchases and does not retroactively affect existing balances.
Bilt’s CEO, Ankur Jain, emphasized the company’s desire to align with consumer interests at a time when credit card rates have soared. "We want to be on the side of this conversation, for right now, on the side of consumers and affordability," Jain told Fox Business on the day of the announcement. "On new purchases of the Bilt card, we're going to make sure that our consumers have access to that lower 10%."
The timing of Bilt’s announcement is no coincidence. Just five days earlier, President Trump took to Truth Social to decry what he described as predatory credit card rates, declaring, "I will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more." Trump’s remarks sent ripples through the financial sector and reignited a debate over how best to protect consumers from spiraling debt.
Despite the fanfare, Bilt’s decision is entirely voluntary. Trump’s proposal, while headline-grabbing, cannot be enacted by executive order alone; Congressional approval is required to mandate such a sweeping change. As of now, Bilt stands alone among major card issuers in offering a temporary 10% cap, and there is no indication that other banks plan to follow suit immediately.
Nevertheless, the political momentum around the issue is building. Independent Senator Bernie Sanders of Vermont and Republican Senator Josh Hawley of Missouri have introduced a bill that would cap credit card interest rates at 10% for a period of five years. Trump, in a rare show of bipartisan outreach, reportedly discussed the matter with Democratic Senator Elizabeth Warren of Massachusetts on January 12, 2026, signaling a willingness to bridge party divides over consumer protection.
But not everyone in Washington is convinced. House Speaker Mike Johnson, a leading Republican, voiced strong reservations about the proposed cap on January 14, 2026. He warned that such a policy could backfire, saying Trump "probably had not thought through" the potential downsides. Johnson argued that credit card companies might respond by "just stop lending money" or "cap what people are able to borrow at a very low amount," effectively squeezing out the very consumers the policy aims to help.
The skepticism isn’t limited to Capitol Hill. Business leaders, particularly in the banking sector, have expressed deep concerns about the unintended consequences of a government-imposed cap. Mark Mason, Chief Financial Officer of Citi, made the company’s position clear during a recent call with reporters: "An interest rate cap is not something that we would, or could, support, frankly. At the end of the day, I think an interest rate cap would restrict access to credit to those who need it the most, and frankly would have a deleterious impact on the economy." Mason’s comments reflect a broader industry fear that capping rates could force banks to tighten lending standards, potentially leaving riskier borrowers without access to credit altogether.
For now, Bilt’s move is being watched closely as a test case. The company’s reputation as a consumer-friendly innovator—largely built on its unique rewards for rent and mortgage payments—gives it a certain latitude to experiment. Yet, the sharp increase in interest rates after the first year raises questions about the long-term benefits for cardholders. Critics point out that consumers enticed by the initial 10% rate could find themselves facing much steeper charges down the line if they carry a balance, especially on premium cards like the Bilt Palladium.
Still, Bilt’s CEO insists the aim is to spark a broader conversation. "We’re trying to show the industry that it’s possible to prioritize affordability," Jain explained, echoing a sentiment that has found resonance among Americans struggling with record levels of credit card debt. According to the Federal Reserve, average credit card interest rates topped 21% in late 2025, the highest in decades—a trend that has left many households searching for relief.
Whether Bilt’s initiative will inspire competitors to follow suit or lawmakers to act remains to be seen. The Sanders-Hawley bill faces an uphill battle in a divided Congress, and Trump’s proposal, while popular among some voters, is viewed with suspicion by fiscal conservatives and the banking lobby. Meanwhile, consumer advocates argue that voluntary measures, however well-intentioned, are no substitute for systemic reform. "Temporary rate caps are a nice gesture, but what we need is lasting change that puts consumers first," said a spokesperson for a leading consumer rights group, reflecting a widespread sentiment among advocates.
As the debate rages on, the stakes for ordinary Americans couldn’t be higher. With household debt at historic highs and inflation continuing to pinch wallets, the question of how to make borrowing more affordable is likely to dominate headlines—and political campaigns—in the months ahead. For now, Bilt’s capped-rate cards offer a glimmer of hope, albeit a temporary one, for consumers weary of double-digit interest rates. Whether this marks the start of a new era in credit card lending or a fleeting marketing move will depend on what happens next in Washington and on Wall Street.
In a landscape marked by political wrangling and economic uncertainty, Bilt’s 10% credit card offer stands as both a challenge and an experiment—one that could shape the future of consumer finance in ways yet unseen.
