Bilt has rolled out its Bilt Card 2.0 setup, featuring three new credit cards: the Bilt Blue Card, Bilt Obsidian Card, and Bilt Palladium Card. This move comes with a transition from Wells Fargo to Cardless as the new card servicer, with cards issued by Column N.A. Bank.
The annual fees for these cards range from $0 to $495. All three cards provide ways to make fee-free rent and mortgage payments. However, the process is now more confusing than what was available on the Bilt Card 1.0. Users must earn Bilt Cash through everyday spending to offset the transaction fee for these payments.
Previously, the Bilt Mastercard (Bilt 1.0) allowed fee-free rent payments if users made at least five transactions per billing cycle. Now, the requirement has shifted to earning Bilt Cash. The new setup includes the no-annual-fee Bilt Blue Card, the $95-annual-fee Bilt Obsidian Card, and the $495-annual-fee Bilt Palladium Card.
All three Bilt 2.0 cards earn 4% Bilt Cash on eligible purchases and up to 1x points on rent and mortgage payments. Each card also has its own spending categories. Bilt Cash and Bilt points are not the same; Bilt Cash is a new reward currency in the Bilt ecosystem that does not replace Bilt Points.
Two of the Bilt 2.0 cards include a Bilt Travel hotel credit benefit. The Bilt Obsidian Card offers a $100 Bilt Travel hotel credit, while the Bilt Palladium Card provides a $400 credit. These credits are split into two semi-annual portions, usable from January through June and July through December. To receive statement credits, users must make qualified bookings through the Bilt Travel Portal on the Bilt Rewards website or app, using their applicable Bilt credit card, and toggle on the option during checkout.
All three cards offer cell phone insurance with coverage limitations. Users can receive reimbursement for the actual cost to replace or repair a stolen or damaged cell phone, up to $800 per claim and $1,000 per covered card per 12-month period, subject to a $50 deductible. To receive this coverage, users must pay their monthly cell phone bill with their applicable card.
Bilt Cash is used to avoid paying a transaction fee on rent and mortgage payments. According to Bilt's offer terms, there are two options for making these payments. The "No transaction fee" option allows users to pay with no fee but requires redeeming Bilt Cash to unlock Bilt Points on the payment, at a rate of $3 Bilt Cash per 100 Bilt Points. The "Max Points" option lets users earn 1 Point per $1 on payments but applies a 3% transaction fee, which can be covered using Bilt Cash.
For example, on a $2,000 rent or mortgage payment, users would need $60 in Bilt Cash to earn points or cover the transaction fee. Since each card earns 4% Bilt Cash on everyday spending, users would need to spend $1,500 per month on eligible non-housing purchases to accumulate the necessary Bilt Cash. Any Bilt Cash earned during a calendar year expires at the end of the year, except for $100 that can roll over to the following year.
The new Bilt 2.0 cards use the Mastercard network and can be used anywhere Mastercard credit cards are accepted. Payments can be made through the Bilt app or website. Customer service is available by calling the number on the back of the card or using the chat function on bilt.com.