Bilt Launches New Credit Cards for Homeowners
Bilt has established itself as a credit card option primarily for renters, but now, with its recent update, homeowners can also earn rewards on their mortgage payments. This transition comes with Bilt 2.0, featuring three new credit card options that include varying annual fees, rewards, and benefits. New cardholders will benefit from a special 10.00% APR on purchases for the first year, which aligns with recent changes to interest rate caps announced by President Trump.
However, there are significant modifications to the program itself, particularly regarding transaction fees and rewards associated with rent and mortgage payments. It’s essential to understand these updates if you’re considering whether the Bilt 2.0 credit card suits your financial needs.
Previously, earning rental rewards with the Bilt Mastercard was relatively straightforward. If you made at least five transactions in a statement period, you earned one point for every dollar spent on rent payments without incurring extra costs. Now, things have become a bit more intricate. Cardholders must decide whether to pay a fee on each transaction or opt for a new feature called Bilt Cash, which will influence how points are accumulated on housing payments.
Understanding Rent and Mortgage Fees
With the Bilt 2.0 card, when paying rent or mortgage, you face two choices: maximize points or eliminate transaction fees.
Maximizing Points
If you decide to maximize points, you’ll incur a 3% transaction fee on your payments, earning one point for every dollar spent. Your Bilt Cash will be automatically allocated to cover these fees unless you choose otherwise. For instance, if your monthly rent is $1,500, you’d need $45 in Bilt Cash to cover the fee while earning 1,500 Bilt Points.
Choosing No Transaction Fees
Bear in mind that if you apply only part of your Bilt Cash toward the payment, you might end up earning fewer points. For example, using just $30 in Bilt Cash on your $1,500 rent payment would yield a total of 1,000 points.
Both options rely on using Bilt Cash to maximize your housing payments. However, payments themselves do not generate Bilt Cash, so you’ll need to make additional purchases throughout the month to earn that cash for your payments. You can earn 4% Bilt Cash on non-rental spending with any of the Bilt 2.0 cards.
To take advantage of the 4% cashback, you’d need to generate at least $1,125 in non-rental expenditures throughout the month to cover that 3% fee or earn all possible points.
Additionally, there are various ways to redeem your Bilt Cash. You can apply it toward enhancing your Bilt status, gaining unique experiences, as well as covering hotel bookings, Lyft rides, fitness classes, dining at partner restaurants, and more.
Keep in Mind: Bilt Cash expires at the end of the calendar year, but you can carry over up to $100 into the next year. Additionally, you’ll receive $25 in Bilt Cash for every 25,000 Bilt Points earned.
A detailed review of each new Bilt card will be explored further, but a comparative overview is available in our review of Bilt 2.0.
The Bilt Blue Card stands out as the only option without an annual fee, offering 4% Bilt Cash and one point per dollar on everyday spending along with up to one point on rent or mortgage payments. It also includes a $100 welcome bonus and zero foreign transaction fees.
The Bilt Obsidian Card comes with a $95 annual fee but provides numerous extra perks, including the same 4% Bilt Cash on regular spending and one point on housing payments. Cardholders can also earn three points on dining or grocery purchases (up to $25,000 per year) and two points on travel. It offers a $200 welcome bonus and up to $100 in hotel credits on reservations made through the Bilt Travel Portal.
For those looking for a premium experience, the Palladium Card, priced at an annual fee of $495, 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). This card mirrors the 4% Bilt Cash on daily spending while increasing everyday points to two. Other advantages include membership to Priority Pass airport lounges, up to $400 in hotel credits annually, and $200 in built-in cash each year.
Previously, the Bilt credit card was issued through Wells Fargo as the Wells Fargo Bilt Mastercard. If you currently hold this card, you can use it until February 6. After that, new transactions will be declined. In the interim, you have until January 30 to select a new Bilt 2.0 card without undergoing a new credit check. You can retain your existing card number and anticipate receiving the new one by early February.
If transitioning to Bilt 2.0 isn’t your preference, rest assured, you won’t forfeit your accumulated Bilt points. You’ll still be able to redeem them and access additional Bilt services through your account.
