Bilt Introduces New Credit Cards and Interest Rates
On Wednesday, Bilt, a loyalty program that provides benefits for rent and mortgage payments, unveiled three new tiered credit cards. Along with this, they announced a 10% annual interest rate for all customers for the next year. This move comes after President Trump’s suggestion to limit credit card interest rates.
The New York-based startup, functioning as a payment processor, claims these new cards will bring even more advantages for users when they spend at local dining establishments, fitness studios, and pharmacies. Surprisingly, they have over 100 airline and hotel partnerships. I guess that could come in handy for travelers, right?
The new Bilt 2.0 cards, developed in collaboration with Cardless, Fidem Financial, and Column NA, will feature a 10% introductory APR for new purchases for the first 12 months. However, after that, the rate will increase to anywhere from 26.74% to 34.74%.
Current Bilt cardholders have until January 30 to make a decision on which of the three new options they’d like to select while retaining their existing credit card number. It’s worth noting that payment apps like Apple Pay and Google Pay will automatically update with the changes.
Overview of the Three New Credit Cards
The flagship card is the Bilt Palladium Card, carrying an annual fee of $495. Bilt asserts that this card offers greater value than its cost.
With the Bilt Palladium card, users can earn 2x points and 4% cash back on various everyday purchases. There’s also a limited-time sign-up bonus of 50,000 points, alongside $300 in Bilt Cash at account opening and $600 in annual credits.
It has similar perks to the World Legend Mastercard, like Priority Pass membership for nearly 2,000 airport lounges, plus discounts for rides with Lyft and deliveries from Instacart.
Next in line is the Bilt Obsidian Card, which has a more modest annual fee of $95.
This card allows users to earn 4% Bilt cash back on daily spending, 3x points on groceries and dining, and 2x points on travel, with 1x points on other expenses up to $25,000 each year.
Upon approval, cardholders can expect to receive $200 in Bilt Cash along with a $100 annual travel credit.
For those who prefer a no-annual-fee option, there’s the Bilt Blue Card, providing 1x points on all purchases, along with 4% cash back and $100 in Bilt Cash upon opening the account.
Current users of Bilt have until January 30 to choose among the new offerings. Bilt guarantees that your current subscription will continue without any issues since you can retain your credit card number; the updates with Apple Pay and Google Pay will be seamless.
Bilt Rewards Explained
Ankur Jain, the founder and CEO of Bilt, expressed that leading this initiative was quite logical for them. He mentioned that the 10% interest rate reflects a response to “bipartisan demands for affordability.”
In his words, “I think most individuals under 40 living in affluent areas often find themselves living paycheck to paycheck. Prices are really high.”
The newly launched Bilt card allows users to accumulate both points and Bilt Cash, a novel rewards currency that can be utilized for rent or mortgage payments or as monthly credits for dining and hotel expenses.
For every $30 in Bilt Cash earned, customers will gain 1,000 points toward their next rent or mortgage payment. For instance, if someone’s rent is $3,000 and they earn $60 in Bilt Cash, they would then accumulate 2,000 points on that payment.
This means that increased utilization of the Bilt card directly translates to more points earned on mortgage or rental payments. Notably, there are no limits on home payment spending, which means greater mortgage availability remains unaffected. Additionally, Bilt Cash can be applied to various offers on the platform.
Importantly, having a Bilt Card isn’t a requirement for signing up for the Bilt Rewards Program.
