Bilt, a company recognized for its credit card tailored for renters, has expanded its offerings with new features that cater to homeowners as well. The introduction of Bilt 2.0 includes three fresh rewards credit cards with distinct annual fees, benefits, and rewards structures. A notable feature for new cardholders is an introductory 10.00% APR on new purchases for the first year, aligning with President Trump’s recent initiative advocating for a 10% credit card interest rate cap.
This update marks significant changes to Bilt’s rewards program, particularly regarding transaction fees and the rewards system for rent and mortgage payments. Previously, earning rewards for rent through the Bilt Mastercard was straightforward—a user could accumulate 1 point for every dollar spent on rent payments without incurring extra fees, provided they executed at least five transactions within a statement cycle.
The new structure increases complexity. Users now have two options for rent and mortgage payments: they can either maximize points with a 3% transaction fee or avoid this fee while forfeiting automatic points. In the “max points” scenario, utilizing Bilt Cash—now a newly introduced type of rewards—can help cover the transaction fee. For example, with a monthly rent of $1,500, users would need $45 in Bilt Cash to waive the fee and could earn 1,500 Bilt Points for that payment.
Alternatively, the “no transaction fee” option allows users to circumvent the 3% fee, but points are not accrued automatically. Earning points requires the use of Bilt Cash, where each $3 contributed toward a payment yields 100 Bilt Points, capped at a total of 1 point per dollar spent on rent or mortgage. Thus, a similar $1,500 rent payment would require $45 in Bilt Cash to earn the full 1,500 Bilt Points.
Importantly, rent and mortgage payments do not generate Bilt Cash; hence, users must engage in additional purchases to amass enough Bilt Cash for these transactions. The Bilt 2.0 cards offer a rewarding 4% Bilt Cash on everyday spending, making it necessary for users to spend at least $1,125 monthly outside rent payments to cover the fee or achieve full rewards on their rent.
Bilt Cash can be redeemed not only to enhance a cardholder’s Bilt status but also for unique experiences, hotel reservations via the Bilt Travel Portal, and credits for ridesharing services and dining. However, it’s worth noting that Bilt Cash expires annually, though users can rollover up to $100 into the next year.
The Bilt Blue Card, which carries no annual fee, allows cardholders to earn 4% Bilt Cash on everyday purchases while earning up to 1 point on rent or mortgage payments. It also provides a $100 welcome bonus, alongside no foreign transaction fees.
The Bilt Obsidian Card, which has a $95 annual fee, offers enhanced benefits such as additional rewards: 3x points on either dining or groceries (up to $25,000 spent in a year), 2x points for travel, and a welcome bonus valued at $200 in Bilt Cash.
At the high end is the Palladium Card with a $495 annual fee. It offers a sign-up bonus of $300 and 50,000 Bilt Points after spending $4,000 in the initial three months (exclusively excluding rent and mortgage payments). This premium card provides 2x points on everyday spending, along with exclusive perks like airport lounge access and substantial annual hotel credits.
Previously, Bilt cards were issued in partnership with Wells Fargo. Current cardholders can continue using their Wells Fargo Bilt Mastercard until February 6. After that date, they will need to transition to a Bilt 2.0 card, a process that requires no new credit checks, allowing them to retain their credit card numbers and receive their new cards by early February.
Existing Bilt Points remain secure for those opting not to switch to a new card, ensuring continued access to previously earned rewards and services.
