Bilt's Bold New Move: Rewriting the Rules of Housing Rewards
Get ready for a game-changer in the world of credit cards and housing rewards! Bilt, the platform that revolutionized earning points for rent payments, is shaking things up with a major overhaul. But here's the twist: it's not just about new cards; it’s a complete reimagining of how you earn rewards for your housing expenses. And this is the part most people miss—it’s a double-edged sword that could either boost your rewards or leave you rethinking your strategy.
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Links to Apply or Upgrade:
- No Annual Fee Bilt Blue Card
- $95 Annual Fee Bilt Obsidian Card
- $495 Annual Fee Bilt Palladium Card
The Big Shift: What’s Changing?
A few weeks ago, we got wind of Bilt’s plans to phase out its Wells Fargo credit card and introduce three new Cardless credit cards. But that’s just the tip of the iceberg. The real shakeup? How you earn rewards for rent and, now, mortgage payments. Today marks the official launch of Bilt Card 2.0, and it’s a whole new ballgame. Let’s break it down.
Bilt’s New Rewards System for Rent & Mortgages
The Headline: To earn 1x points on your rent or mortgage, you’ll need to spend roughly 75% of that amount on your Bilt card. Yes, you read that right. But here’s the controversial part—is this a fair trade-off, or has Bilt made it too complicated?
The Old vs. The New:
- Previously: Pay rent with no fees, earn 1x points on up to $50,000 annually, just by making five transactions per billing cycle. Simple, right?
- Now: Earn points for both rent and mortgages (a new addition!), with no annual cap. But there’s a catch—you must use Bilt Cash, a new rewards currency, to fund these rewards.
How Bilt Cash Works:
- Earn 4% back in Bilt Cash on all spending across all three cards.
- $3 in Bilt Cash = 100 Bilt points on rent or mortgage payments at 1x points.
- Bilt Cash expires on December 31 of the year earned, but up to $100 can roll over.
- You must have Bilt Cash in your account when making housing payments—no retroactive rewards.
Example Time:
- Spend $15,000 on a Bilt card → Earn $600 in Bilt Cash.
- $600 in Bilt Cash → Earn 1x points on up to $20,000 in rent or mortgage payments.
The Hidden Change: Rent and mortgage payments are now deducted via ACH, not charged to your card. No more interest-free float for a billing cycle. Love it or hate it, it’s a significant shift.
Meet the Three New Bilt Cardless Credit Cards
Bilt’s new lineup caters to different budgets and spending habits. Here’s the lowdown:
1. No Annual Fee Bilt Blue Card
- Welcome Bonus: $100 in Bilt Cash.
- Rewards: 1x points + 4% Bilt Cash on everyday purchases.
- Perks: World Elite Mastercard benefits.
2. $95 Annual Fee Bilt Obsidian Card
- Welcome Bonus: $200 in Bilt Cash.
- Rewards: 3x points on dining or groceries (capped at $25K/year for groceries), 2x on travel, 1x on other purchases, + 4% Bilt Cash.
- Perks: $100 Bilt travel portal hotel credit annually, World Elite Mastercard benefits.
3. $495 Annual Fee Bilt Palladium Card
- Welcome Bonus: 50,000 points + Bilt Gold status after $4,000 spend in 3 months, + $300 Bilt Cash.
- Rewards: 2x points + 4% Bilt Cash on everyday purchases.
- Perks: $400 Bilt travel portal hotel credit, $200 annual Bilt Cash, Priority Pass membership, World Legend Mastercard benefits.
Transitioning from Wells Fargo to Cardless
Bilt’s transition process has been relatively smooth, but not without hiccups:
- Existing cardmembers are automatically moved to the new platform, with card numbers and digital wallets updated.
- Option to transfer balances with a soft credit pull, though credit limits may change.
- Keep your Wells Fargo account open (it becomes an Autograph Visa card) even if you switch to a Bilt Cardless product.
- Some reports of existing cardmembers being denied for Cardless products—a definite downside.
My Take: Is Bilt Still Worth It?
The Good:
- The Bilt Palladium Card stands out as a top premium card for everyday spending, especially with its 2x points and travel credits.
- No caps on rent or mortgage rewards, and the addition of mortgage rewards is a huge win.
The Not-So-Good:
- The new system is undeniably more complex, and the rewards on the no-fee and mid-tier cards are less appealing.
- The $495 annual fee is steep, and the travel credits may not fully offset it for everyone.
The Controversial Question: Is Bilt’s new model fair, or has it overcomplicated a once-simple rewards system? And with the high annual fee, how many premium cards can one reasonably justify?
Bottom Line
Bilt’s new platform is a bold move, but it’s no longer a one-size-fits-all solution. The Bilt Palladium Card is a strong contender for big spenders, but the average consumer might find the changes less rewarding. Will you stick with Bilt, or is it time to explore other options?
What’s your take? Are these changes a step forward or a step too far? Share your thoughts in the comments—let’s debate!
