Rent-Rewards Unicorn Bilt Spots An Opening As Trump’s Rate Cap Push Puts Visa, Mastercard On The Defensive

Political pressure on swipe fees and interest rates rattles payment giants, while Bilt races ahead with homeowner-focused credit cards.

• Last week, Trump called the current credit card interest rates of 20% to 30% “excessively high” and said in a Truth Social post that he would aim to make credit cards more affordable.
• Bilt said that all three new Bilt Cards allow one to pay rent and mortgage with no transaction fee through Bilt and a 10% interest rate cap on new eligible purchases for the first year.
• Bilt had hit a valuation of $10.8 billion last year after raising $250 million in a new primary funding round, led by General Catalyst and GID.

This week has been a rough one for credit card giants Visa and Mastercard, with shares sliding as markets digest U.S. President Donald Trump’s renewed push to cap credit card interest rates. While the move is being framed as relief for American consumers, it represents a meaningful headwind for banks and the two payment network heavyweights.

Riding on Trump’s comments last week that he was considering a one-year, 10% cap on credit card interest rates, financial technology firm Bilt has moved quickly to capitalize on the moment with the launch of new products.

On Wednesday, Bilt announced “Bilt Card 2.0,” a suite of three credit cards that, for the first time, extends rewards to homeowners by allowing them to earn points on mortgage payments. The company said every new cardholder will receive a 10% introductory rate on new eligible purchases for 12 months across all three cards.

Trump’s Credit Card View

Trump has called the current rates of 20% to 30% “excessively high” and said in a Truth Social post that he would aim to make credit cards more affordable after American customers were “ripped off.”

He said his credit card policy would kick in on Jan. 20 and urged the public to support Republican Senator Roger Marshall’s Credit Card Competition Act to stop the “out of control Swipe Fee ripoff.”

Bilt’s New Credit Cards

The company said that the three “Bilt Card 2.0” options were in partnership with Cardless, Fidem Financial, and Column N.A., and look to reward members across 5.5 million homes.

“This is a win for renters. This is a win for homeowners. This is a win for Americans,” said Bilt CEO Ankur Jain. “Bilt Card 2.0 offers rewards on your rent, rewards on your mortgage, and earns you the most valuable points in the market. We're not just launching three new cards, we're rewarding the way people actually live.”

Bilt said that all three Bilt Cards earn points, earn 4% back in Bilt Cash on everyday spend, allow one to pay rent and mortgage with no transaction fee through Bilt, and have a 10% interest rate cap on new eligible purchases for the first year. The three new cards are the Bilt Palladium Card with a $495 annual fee, the Bilt Obsidian Card with a $95 annual fee,  and the Bilt Blue Card with no annual fee.

The company hit a valuation of $10.8 billion last year after raising $250 million in a new primary funding round, led by General Catalyst and GID. Bilt back then said that it expected to cross $1 billion in revenue by the first quarter of 2026 and process over $100 billion in housing spend annually by the end of 2025.

Visa And Mastercard: The Worst Hit?

Shares of Visa and Mastercard have declined for five straight sessions before closing up marginally on Wednesday. Both stocks hit their worst day since June 2025 on Tuesday.

Visa shares closed down 4.5%, and Mastercard stock lost nearly 4% of its value on Tuesday. The Credit Card Competition Act of 2023 also looks to challenge the duopoly that Visa and Mastercard hold in the credit card market.

In November 2024, a committee held a hearing scrutinizing what lawmakers called a Visa–Mastercard “duopoly,” with rare bipartisan agreement that high swipe fees are hurting retailers and small businesses.

What Is Retail Thinking?

Retail sentiment on Visa improved to ‘extremely bullish’ from ‘bearish’ territory compared to a week ago, while on Mastercard, the sentiment jumped to ‘extremely bullish’ from ‘neutral’ a week ago.

In the last seven days, retail message volumes on Visa have spiked by over 566%, and on Mastercard, they have jumped 260% on Stocktwits.

Shares of Visa have risen 4% in the last 12 months, and Mastercard’s stock has gained nearly 5% for the same period.

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