Bilt, previously known for offering credit card rewards to renters, now includes homeowners in its latest program expansion. The company introduced three new credit cards with different annual fees, benefits, and rewards rates as part of its Bilt 2.0 launch.
New cardholders receive an introductory 10.00% annual percentage rate on purchases for the first year. This coincides with President Trump's recent push for a 10% credit card interest rate cap.
Major changes to the program involve updates to transaction fees and rewards on rent and mortgage payments. Before this update, earning rewards on rent with the Bilt Mastercard was relatively straightforward. Cardholders could earn 1 point per dollar spent on rent payments without added fees, provided they made at least five transactions in a statement period.
Now, the process has become more complicated. Users can choose to pay a fee for each rent or mortgage transaction or cover the fee using Bilt Cash, a new type of reward. The chosen option affects how Bilt Points are earned on housing payments.
With any Bilt 2.0 card, two options are available for rent and mortgage payments: max points or no transaction fees. Under the max points option, a 3% transaction fee applies to rent and mortgage payments, earning 1 point per $1. Any Bilt Cash in the account automatically covers the fee, though users can choose to pay it themselves.
For example, a $1,500 monthly rent payment would require $45 Bilt Cash to cover the 3% transaction fee, earning 1,500 Bilt Points. Under the no transaction fee option, users avoid the 3% fee but do not earn points automatically. They must use Bilt Cash toward their rent or mortgage payment to earn points.
For every $3 Bilt Cash applied to the payment, 100 Bilt Points are earned, up to 1 point per $1 of the total rent payment. With a $1,500 rent payment, using $45 Bilt Cash toward the total rent earns the full 1,500 Bilt Points. Users can also apply less Bilt Cash and earn fewer points.
Bilt Cash is required to maximize rent or mortgage payments under either option. However, rent and mortgage payments themselves do not earn Bilt Cash. Cardholders must make additional purchases throughout the month to earn Bilt Cash for use toward those payments.
All three Bilt 2.0 cards earn 4% Bilt Cash on everyday spending. For a $1,500 rent payment, $45 Bilt Cash is needed to cover the 3% transaction fee or earn the full 1,500 Bilt Points. With 4% rewards, at least $1,125 must be spent on non-rent purchases monthly for full rewards value or to waive the fee.
Bilt Cash can also be redeemed to boost Bilt status, for exclusive experiences, or at a dollar-for-dollar value for hotel bookings through the Bilt Travel Portal, Lyft credits, fitness classes via the Bilt app, dining at partner restaurants, and more. Bilt Cash expires at the end of every calendar year, but up to $100 can be rolled over to the next year. Users earn $25 Bilt Cash for every 25,000 Bilt Points earned.
The new cards include the Bilt Blue Card with no annual fee, earning 4% Bilt Cash and 1x Bilt Points on everyday spending and up to 1x Bilt Points on rent and mortgage payments. It offers a $100 Bilt Cash welcome bonus and no foreign transaction fees.
The Bilt Obsidian Card has a $95 annual fee, providing additional benefits and increased rewards. It earns the same 4% Bilt Cash and 1x Bilt Points on everyday spend and up to 1x Bilt Points on rent and mortgage payments. Cardholders earn 3x points on either dining or groceries and 2x points on travel.
This card's welcome bonus is worth $200 in Bilt Cash, and it includes up to $100 in annual hotel credits for eligible Bilt Travel Portal hotel bookings. The Bilt Palladium Card carries a $495 annual fee, offering premium rewards.
It provides a $300 sign-up bonus and 50,000 Bilt Points after spending $4,000 within the first three months, excluding rent and mortgage payments. While earning the same 4% Bilt Cash on everyday spending and up to 1x Bilt Points on rent and mortgage payments, this card increases points on everyday spending to 2x Bilt Points.
Added benefits include Priority Pass airport lounge membership, up to $400 in annual hotel credits, and $200 Bilt Cash annually. Before the latest launch, Bilt credit cards were issued by Wells Fargo as the Wells Fargo Bilt Mastercard.
Existing cardholders can continue using their cards until Feb. 6. After that, new charges will be declined. They have until Jan. 30 to choose a new Bilt 2.0 card and transition without a new credit check, keeping the same credit card number and receiving the new card by early February.
Those who do not move to a new Bilt 2.0 card will not lose any earned Bilt Points and can still redeem them and access other Bilt services through their accounts.