Overview
- Bilt Rewards introduced three "Bilt 2.0" cards that charge 10% interest for new cardholders during their first year.
- After the initial year, the cards' APRs rise sharply to between 26.74% and 37.47%, depending on the product.
- President Donald Trump has called for a one‑year 10% cap on credit card interest, but experts note such a cap cannot be imposed by executive order.
- Sens. Bernie Sanders and Josh Hawley have filed legislation to set a 10% ceiling for five years, extending beyond the president’s one‑year proposal.
- Industry and political critics warn a cap could restrict access to credit and shift borrowers to costlier options, with Morgan Stanley estimating a potential 5% drop in consumer spending.