Bilt is known as a credit card for renters, but its latest launch makes homeowners eligible for mortgage payment rewards as well.
With Bilt 2.0, Bilt has launched three new rewards credit cards with different annual fees, benefits, and rewards rates. Additionally, new Bilt cardholders get a 10.00% introductory APR on new purchases for the first year, coinciding with President Trump’s push to impose a 10% cap on credit card interest rates this month.
But there are also some big changes to the program, including updates to transaction fees and rewards on rent and mortgage payments. Here’s what you need to know to decide if a Bilt 2.0 credit card is right for you.
Before this update, earning rental rewards with the Bilt Mastercard was relatively easy. You could earn 1 point per dollar spent on rental payments at no additional charge as long as you have made at least five transactions in a statement period with your card.
Now, things are a little more complicated. You can choose to pay a fee for each rental or mortgage transaction or cover the fee with Bilt Cash, a new type of Bilt rewards. And the option you choose will affect how you earn Bilt points on your home payments.
Rental and Mortgage Rates and Rewards
With any Bilt 2.0 card, you’ll have two options when making rent and mortgage payments: maximum points or no transaction fees.
Maximum points
If you choose maximum points, you’ll pay a 3% transaction fee on rent and mortgage payments and earn 1 point per $1. Any Bilt Cash in your account is automatically used to cover the fee, but you can change this to pay it yourself if you wish.
If you have a monthly rent payment of $1,500, for example, you would need $45 Bilt Cash to cover the 3% transaction fee and you would earn 1,500 Bilt Points on your payment.
No transaction fee
If you choose not to pay transaction fees, you can avoid the 3% fee but you will not automatically earn points. You will need to use Bilt Cash toward your rent or mortgage payment to earn points.
For every $3 Bilt Cash you put toward your payment, you’ll earn 100 Bilt points (up to 1 point for every $1 of your total rental payment). For the same monthly rental payment of $1,500, you would need to use Bilt Cash of $45 toward your total rent to earn the full 1,500 Bilt points.
You can also choose to spend less Bilt Cash toward your payment and earn fewer points. If you only have $30 Bilt Cash in your account, for example, you can put it towards your payment and earn a total of 1,000 Bilt Points on your $1,500 rental payment.
For any of the housing payment options, you will need Bilt Cash to maximize your rent or mortgage payment using Bilt.
However, rent and mortgage payments themselves do not generate Bilt Cash. Therefore, you must make additional purchases with your card during the month to earn the Bilt Cash that you will use for those payments.
You can earn 4% Bilt Cash on your everyday spending with any of the three Bilt 2.0 cards.
Using the same example as above, let’s say your rent payment is $1,500. You’ll need $45 Bilt Cash to cover the 3% transaction fee (max points option) or earn the full 1,500 Bilt points on your payment (no transaction fee option).
With 4% rewards, you’ll need to spend at least $1,125 on non-rental purchases throughout the month to earn the full value of the rewards or to waive the fee.
There are also some additional options for redeeming Bilt Cash. You can use your cash to upgrade your Bilt status and for exclusive experiences, or dollar-for-dollar value for hotel reservations through the Bilt Travel Portal, Lyft credits, fitness classes through the Bilt app, dining at Bilt partner restaurants, and more.
Important: Bilt Cash expires at the end of each calendar year, but you can carry over up to $100 Bilt Cash to the following year. You’ll also earn $25 Bilt Cash for every 25,000 Bilt points you earn.
Here’s a closer look at each of Bilt’s new cards, but you can find a full comparison of these three cards in our Bilt 2.0 review.
The Bilt Blue card is the only Bilt 2.0 card with no annual fee. You’ll earn 4% Bilt Cash and 1x Bilt Points on everyday spending and up to 1x Bilt Points on rent and mortgage payments. This card has few ongoing benefits, but it does offer a $100 Bilt Cash welcome bonus and no foreign transaction fees.
The Bilt Obsidian card has a $95 annual fee, but it comes with some additional benefits and bigger rewards. You’ll earn the same 4% Bilt Cash and 1x Bilt Points on everyday spending, as well as up to 1x Bilt Points on rent and mortgage payments. Plus, earn 3X points on your choice of food or groceries (up to $25,000 spent per year if you choose groceries) and 2X points on travel.
This card’s welcome bonus is worth $200 in Bilt Cash, and you’ll earn up to $100 in annual hotel credits (up to $50 semi-annually) for eligible hotel reservations on the Bilt Travel Portal.
The most premium card in Bilt’s new line is the Palladium card, with an annual fee of $495. You’ll receive a $300 sign-up bonus and earn 50,000 Bilt Points after spending $4,000 within the first three months (not including rent and mortgage payments). While you’ll earn the same 4% Bilt Cash on everyday spending and up to 1x Bilt Points on rent and mortgage payments, this card boosts points on everyday spending to 2x Bilt Points.
Additional benefits include Priority Pass airport lounge membership, up to $400 in annual hotel credits ($200 semi-annually), and $200 Bilt Cash annually.
Prior to the latest launch, Wells Fargo issued Bilt credit cards as the Wells Fargo Bilt Mastercard. If you already have this card, you can continue using it until February 6. After that, any new charges you make will be rejected.
In the meantime, you’ll have until January 30 to choose a new Bilt 2.0 card and make the transition without a new credit check. You will keep the same credit card number and receive your new card in early February.
If you don’t want to switch to a new Bilt 2.0 card, you won’t lose any of the Bilt points you’ve already earned and you’ll still be able to redeem them and access other Bilt services through your account.
This article was edited by Alicia Hahn.
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