Bilt debuts 10% APR cards amid credit rate cap push

Bilt has introduced a new suite of credit cards , branded as Bilt Card 2.0 , that includes a highly publicized 10.00% introductory annual percentage rate (APR) on eligible purchases for the first 12 months. The launch expands Bilt’s rewards program to include mortgage payments as well as rent, and it arrives amid a flurry of political debate over whether credit card interest rates should be capped nationwide.

The rollout comprises three tiers , Bilt Blue (no annual fee), Bilt Obsidian ($95 annual fee) and Bilt Palladium ($495 annual fee) , and the company says the introductory 10% APR is subject to terms and credit approval. Bilt frames the offer as part of a broader affordability push while making changes to its issuer and technology partners.

what the new cards include

Bilt Card 2.0 features a dual rewards structure: traditional Bilt Points plus a new rewards currency called Bilt Cash, which the company says can be used to unlock extra points on housing payments or redeemed for monthly credits. The program advertises 4% back in Bilt Cash on everyday spending alongside tiered point multipliers for categories like dining, groceries and travel.

The Palladium tier targets premium travelers with elevated point earnings, large account-opening credits and travel benefits; the Obsidian offers mid-tier rewards and travel credits; and the Blue card keeps a no-fee entry point into the Bilt ecosystem. Each card is positioned to reward rent and mortgage payments without a transaction fee, a distinguishing feature Bilt emphasizes in marketing materials.

Bilt also discloses post-introductory pricing: after the 12-month introductory period the standard variable purchase APRs will revert to roughly the mid-to-high 20s up to the mid-30s, meaning carrying a balance beyond the promotional year could become materially more expensive. That juxtaposition , a low introductory APR followed by industry-standard variable rates , will be central to how consumers evaluate the offer.

transition, partners and operational changes

The Card 2.0 launch accompanies a shift in Bilt’s issuer and servicing relationships: Bilt says the new cards are powered by Cardless with cards issued by Column N.A., and capital provided by Fidem Financial and partners. That infrastructure change follows Bilt’s prior arrangement with Wells Fargo and is part of an operational reset tied to the new product suite.

Existing Bilt Mastercard customers were given a decision window to opt into one of the new Card 2.0 products to preserve their benefits and card numbers; Bilt published specific deadlines for cardholder choices and said automatic transitions would occur in early February if customers did not act. The tight timeline has generated customer attention as cardholders weigh switching, retention of points, and continuity of autopay and subscriptions.

Operationally, the new stack is intended to enable instant in-app management, digital provisioning to wallets, and a unified way to earn and spend across housing and everyday categories , capabilities Bilt says are core to delivering the “most valuable” points in the market. Real-world execution will depend on partner integrations and the scale of initial enrollments.

political backdrop: a proposed 10% federal cap

The Bilt announcement coincided with high-profile political pressure to lower consumer borrowing costs: in early January 2026, President Donald Trump publicly called for a one-year cap on credit card interest rates at 10%, specifying a January 20 effective date in public posts and remarks. That public push elevated the national conversation about credit affordability and put issuers under the glare of political expectations.

Observers and legal experts quickly noted that a presidential call or announcement does not itself create a binding federal usury cap , legislation or a clear regulatory rule would be required to change statutory rate frameworks. Fact-checkers and legal analysts emphasized that the proposal, as announced, was a policy goal rather than immediate law.

Against that backdrop, Bilt’s voluntary marketing of a 10% introductory APR can be read as both a competitive product decision and a public-relations response to the broader political debate over rate caps. The company’s move gives consumers a short-term rate that mirrors the line proposal even as lawmakers, regulators and industry groups debate feasibility.

industry and market reaction

The banking and payments industries reacted with caution and, in many quarters, outright opposition to a legislated 10% cap. Trade groups representing banks and card issuers warned that a strict cap could force issuers to tighten underwriting, cut credit access for higher-risk borrowers, and scale back rewards programs funded in part by interest income. Those organizations framed the cap as likely to produce unintended consequences for credit availability.

Analysts also pointed to potential market effects: if issuers must price below risk-aligned levels, they may respond by raising fees, reducing limits, or exiting riskier borrower segments , moves that could reduce overall card penetration among subprime and thin-file consumers. Equity markets briefly priced in some of that uncertainty when financial stocks moved on the lines.

At the same time, advocates for borrowers and some consumer groups argued that lower line rates , even if temporary , offer immediate relief for carry balances and could pressure competitors to introduce more consumer-friendly pricing or promotional products. The competing narratives have set the stage for intense lobbying and potential legislative maneuvering.

what the offer means for consumers

For consumers who expect to carry balances, a 10% APR on new eligible purchases for 12 months is meaningful and could lower interest payments during the promotional window. Short-term borrowers who plan to pay down balances within a year stand to gain the most from the introductory pricing.

But the offer is product-specific and time-limited: Bilt’s published terms indicate that balance transfers, cash advances, and some other transactions aren’t eligible for the introductory rate, and the standard variable APR applies after the first year. Consumers who do not fully pay down balances before the rate resets could face substantially higher financing costs.

Rewards calculus also matters: for cardholders who rarely carry a balance, rewards, credits and benefits often outweigh differences in APR. For those balancing debt reduction and rewards-chasing, the decision will require comparing the savings from a promotional APR against the long-term value of the card’s points and credits. Financial literacy and attention to terms will be critical.

risks, regulatory path and likely next steps

Even as Bilt markets a 10% introductory APR, a permanent or government-mandated 10% cap remains uncertain: implementation would likely require congressional action or a novel regulatory approach, both of which face legal and political hurdles. Stakeholders from both political parties have signaled interest in rate relief, but experts warn that converting proposals into enforceable law is far from immediate.

Policymakers and industry groups can be expected to trade studies and testimony about the trade-offs between affordability and access. Bank regulators, Congress and consumer advocates will have different metrics , credit availability, default risk, and consumer welfare , to weigh in hearings or rulemaking if the debate advances. Those discussions will shape whether voluntary market moves (like Bilt’s) stay isolated or inspire broader issuer responses.

For issuers, the immediate commercial calculus will include whether promotional low-rate products attract profitable cohorts, how quickly customers transition away from promotional pricing, and whether rewards economics can be sustained if interest income is compressed. The industry’s strategic responses over the coming months will reveal how deeply the proposal reshapes card offerings.

As the dust settles, Bilt’s Card 2.0 launch is both a product play and a signaling move: it gives consumers a 12-month, 10% interest option while the larger legal and political conversation about rate caps continues to unfold. For a defined cohort of borrowers and rewards-seekers, the offer can be attractive , provided they understand the post-promotional pricing and eligibility rules.

In short, Bilt’s timing and pricing turn a line policy debate into a concrete consumer product. Whether other issuers follow with similar promotions, or whether lawmakers and regulators produce durable reform, will determine if this is the start of a longer-term market shift or chiefly a temporary accommodation in a politicized moment.