Financial technology company Bilt, whose credit cards offer customer rewards for rent and mortgage payments, introduced three new credit cards on Wednesday that cap interest rates at 10% for one year.

The offer, which will only apply to new purchases, comes after President Trump this week floated a 10% ceiling on the interest rates credit card issuers charge customers. The proposal drew immediate pushback from Citi, JP Morgan Chase and other major banks, which say it would result in some consumers losing access to credit and hurt the U.S. economy.

By contrast, New York-based Bilt pounced on the opportunity to promote its cards as financial products that can help Americans facing an affordability crunch.

"This is a win for renters. This is a win for homeowners. This is a win for Americans," Ankur Jain, founder and CEO of Bilt, said in a statement.

The privately held startup, which launched in 2019 and is now valued at more than $10 billion, partners with landlords to let cardholders earn rewards on routine transactions, like rent payments.

Jain said the new credit cards are designed to meet the "bipartisan call for a solution" to the cost-of-living crisis facing many Americans, the Associated Press reported. If the U.S. imposes an interest rate cap, "We'd rather be at the forefront," he said.

Built is offering three credit card tiers capped at a 10% APR rate for 12 months. The Bilt Palladium Card, which comes with a $495 annual fee, gives members $400 in annual credits redeemable for hotel stays, plus $200 worth of Bilt Cash, which are points that can be redeemed within the Bilt ecosystem, including at businesses it's partnered with.

The second-tier card, the Bilt Obsidian Card, lets users accrue rewards on restaurant and grocery charges, and comes with a $95 annual fee. The bottom-tier card has no annual fee, and offers cash back and points on some purchases.

The average credit card APR is around 24%, according to LendingTree, while people with poor credit can pay rates of up to 36%. Research from Vanderbilt University shows that Mr. Trump's proposal would save consumers — and cost credit issuers — $100 billion.

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