Bilt has announced the launch of three new credit cards with interest rates limited to 10% on new purchases for the first year. The series, called Bilt Card 2.0, includes a premium card with a $495 annual fee.
The cards will become available on February 7. According to a statement on the company's website, existing cardholders can preorder a new Bilt Card online or through their Bilt account between now and January 30.
In an interview with Bloomberg, Bilt chief executive officer Ankur Jain said, "There is clearly a need for affordability at this point in time more than ever." He added, "It felt like we should be the brand to do this."
The announcement comes after President Donald Trump called last Friday for a one-year 10% cap on credit card interest rates. He expressed support for the Credit Card Competition Act, which could increase oversight of credit card companies if passed by Congress.
Bilt cards provide rewards for mortgage and rent payments, a feature not commonly found on credit cards that typically focus on travel or merchandise points. Customers earn rewards simply by paying their rent and mortgage bills.
Additionally, customers can earn points on purchases at any of Bilt's 45,000 partners, which include businesses from Walgreens to Lyft to local gyms, as reported by The New York Times.
The three new cards all offer 4% back in Bilt cash on spending and allow customers to pay rent and mortgage without transaction fees.
The Bilt Blue Card has no annual fee and provides flexible rewards. The Bilt Obsidian Card carries a $95 annual fee and offers 3X points on dining or groceries, along with Bilt Travel Hotel credits. The Bilt Palladium Card, the premium option with a $495 annual fee, includes high-value rewards and benefits such as annual Bilt Cash, Bilt Travel Hotel credits, and Priority Pass.