For many people, paying rent each month is their largest expense — and Bilt believes you should be rewarded for it.
In 2022, Bilt released the Bilt Mastercard (currently unavailable to new applicants), which let you earn points on rent payments with no transaction fees. The next generation of Bilt 2.0 cards now offers rewards on both rent and mortgage payments, among other changes.
Preorders for the Bilt Card 2.0 program officially launch today, Jan. 14, for current Bilt cardholders. There are three Bilt cards to choose from: the Bilt Blue Card, Bilt Obsidian Card and the premium Bilt Palladium Card.
What you need to know about Bilt 2.0
Bilt has made a name for itself by offering rewards on rent payments, and the company is taking the next step: You can now earn Bilt Points on mortgage payments as well.
Bilt is also changing how it offers fee-free rent and mortgage payments, removing the requirement that cardholders make five non-rent transactions per month and instead leaning more heavily into Bilt Cash.
Bilt Cash is a new, flexible currency that launched Jan. 1 to replace Milestone Rewards. The Bilt Cash you earn can be used to cover transaction fees for rent or mortgage payments, as well as Lyft credits, dining at select Bilt partner restaurants and more. When used to cover your rent or mortgage, $3 in Bilt Cash is worth 100 Bilt Points, effectively allowing cardholders to earn up to 1X on their total housing payment.
Bilt Points themselves do not change and remain among the most valuable rewards currencies on the market. Additionally, Bilt has introduced its first-ever credit card welcome bonus in the form of Bilt Cash across all three cards, but the Bilt Palladium Card’s bonus offers both Bilt Cash and Bilt Points.
Current Bilt customers who opt into Bilt 2.0 by Jan. 30 will enjoy a seamless transition. You can keep your existing card number, so it won’t disrupt any subscriptions or autopay features. The swap will also trigger only a soft credit check, which will not impact your credit score.
New Bilt 2.0 cards
All Bilt 2.0 cards earn an unlimited 1X points on rent and mortgage payments in addition to other categories, and each card earns 4% Bilt Cash on everyday purchases. The new cards also have a 10% introductory APR on new eligible purchases for the first year, then the standard variable purchase APR of 26.74% – 34.74% will apply.
Bilt Blue Card
Annual fee: $0
Welcome bonus: $100 of Bilt Cash when you apply and are approved
Earnings: 1X points + 4% back in Bilt Cash on all other purchases
The Bilt Blue Card is an accessible introduction to the Bilt ecosystem. For a $0 annual fee, you can still earn 1X points on all your purchases. The Bilt Cash you earn can be used as credits on Bilt Neighborhood spending, to unlock access to point-earning on your rent or mortgage and more. With no categories or added statement credits, the Bilt Blue Card is an entry point for those interested in Bilt overall.
Bilt Obsidian Card
Annual fee: $95
Welcome bonus: $200 of Bilt Cash when you apply and are approved
Earnings: 3X points on your choice of dining or grocery (up to $25,000 a year), 2X points on travel and 1X points on everyday purchases (plus 4% in Bilt Cash on each category)
The Bilt Obsidian slots into a competitive $95 annual fee category and is geared toward those who spend more heavily on food. Earn 3X points on either dining or groceries (your choice), up to the $25,000 annual maximum. The card also earns 2X points on travel purchases and a $100 Bilt travel portal hotel credit, split semi-annually per calendar year. This is the only new Bilt card that offers bonus rewards categories.
Bilt Palladium Card
Annual fee: $495
Welcome bonus: 50,000 Bilt Points after $4,000 of non-housing spending in the first three months, Gold elite status and $300 in Bilt Cash when you apply and get approved
Earnings: 2X points and 4% back in Bilt Cash on everyday purchases
With the highest annual fee in the lineup, the Bilt Palladium delivers premium benefits while maintaining a simple, everyday experience. The card earns a flat 2X Bilt Points and 4% Bilt Cash on all your everyday purchases and comes with $400 in Bilt travel portal hotel credits (split semi-annually per calendar year), representing a significant portion of the card’s annual fee. You can also enjoy access to Priority Pass airport lounges.
Final thoughts
Bilt appears to be shifting its target audience. The earlier simplicity — earning rewards on rent with minimal spending and no transaction fees — no longer defines the program in the same way.
If your primary goal is to earn rewards on transaction-free rent or mortgage payments, you may have to use a Bilt 2.0 card more frequently to accumulate enough Bilt Cash. Bilt is clearly encouraging deeper engagement with their ecosystem, which can offer substantial value and flexibility for those willing to lean in.
Overall, these three new cards can deliver significant benefits if you’re willing to consolidate your spending within the Bilt ecosystem.
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