Bilt, Affirm aim to capitalize on proposed credit card rate cap

Bilt and Affirm are launching new credit products in response to political pressure for a cap on credit card interest rates. Bilt introduced three new cards with a 10% interest rate cap for one year, while Affirm is expanding its buy now/pay later services for rent. Analysts note that the proposed Credit Card Competition Act, which could impact bank revenues, is gaining momentum but still faces low odds of passing. The moves highlight a shift towards alternative credit sources as consumers may struggle to qualify for traditional credit cards.