Bilt offers credit cards with 10% APR after Trump proposes interest cap
Bilt offers credit cards with 10% APR after Trump proposes interest cap
FIntech company Bilt pounced on the opportunity to roll out low-APR credi cards, as big banks push back on proposed rate cap.
Read the full article on CBS Money
Truth Analysis
Analysis Summary:
The article is mostly accurate, reporting on Bilt's new credit card offerings in light of Trump's proposed interest rate cap. There's a slight bias towards framing Bilt's actions as opportunistic and positive, while the potential negative consequences of a rate cap are not explored in depth. The core claims are supported by multiple sources.
Detailed Analysis:
- Claim: Fintech company Bilt is rolling out low-APR credit cards.
- Verification Source #4: Bilt's new credit cards will feature 10% interest rate.
- Verification Source #5: Bilt launches three credit cards with 10% APR for 12 months after President Trump calls.
- Assessment: Supported by multiple sources.
- Claim: Big banks are pushing back on the proposed rate cap.
- Verification Source #1: 10% credit card APR cap would harm consumers.
- Assessment: Supported, although the source frames it as a potential harm to consumers, implying a pushback.
- Claim: Trump proposed an interest rate cap.
- Verification Source #1: President Donald Trump Friday night posted on Truth Social that he intends to cap credit card interest rates at 10% for one year.
- Verification Source #2: His proposal would cap rates at 10%, a promise he promoted during his 2024 campaign.
- Verification Source #3: President Trump campaigned on a 10% interest rate cap for credit cards
- Verification Source #4: President Donald Trump announcing last week
- Verification Source #5: Bilt launches three credit cards with 10% APR for 12 months after President Trump calls.
- Assessment: Supported by multiple sources.
Supporting Evidence/Contradictions:
- Source 4: "Bilt's new credit cards will feature 10% interest rate...The promotion comes at a time of heightened political rhetoric around the cost of credit cards, with President Donald Trump announcing last week"
- Source 1: "President Donald Trump Friday night posted on Truth Social that he intends to cap credit card interest rates at 10% for one year"