Bilt Is All-In on Trump’s Credit Card Interest Rate Cap. JPMorgan Is Preparing for a Fight |
Why founder and CEO Ankur Jain says he wanted to lead the industry when it comes to affordability.
BY ALI DONALDSON, STAFF REPORTER @ALICDONALDSON
Ankur Jain, founder of Bilt. Photos: Getty Images; Courtesy company
Days after floating a cap on credit card interest rates, President Trump has drawn ire from industry leaders and even a rare instance of pushback from Republican leaders on Capitol Hill, but the president’s idea has won over at least one card provider. Bilt founder and CEO Ankur Jain has broken with his competitors and backed the proposal.
The $10.75 billion financial technology company, which operates a popular credit card that allows users to earn reward points for paying their rent or mortgage, will be capping its annual percentage rate at 10 percent for the next twelve months. Jain announced this change as part of the launch of the reward platform’s new suite of credit cards, dubbed Bilt........