Bilt's Bold New Move: Revolutionizing Housing Rewards and Credit Cards
Hold onto your wallets, folks! Bilt, the platform that once let you earn points for paying rent without fees, is shaking things up in a big way. But here's where it gets controversial: the new system might just be a game-changer for some, while leaving others feeling left out in the cold. And this is the part most people miss: it's not just about the cards; it’s about how we think about earning rewards on our housing payments.
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The Big Shift: What’s Changing?
A few weeks ago, we got wind of major changes coming to Bilt. Today, it’s official: Bilt is discontinuing its Wells Fargo credit card and launching three new Cardless credit cards. But that’s not all—the way members earn rewards for paying rent and mortgages is getting a complete overhaul. 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 now need to spend an average of 75% of that amount on your Bilt card. Yes, you read that right. But here’s the kicker: this system is designed to encourage more spending on the card, not just tiny transactions to unlock rewards.
The Old vs. The New:
- Old System: Pay rent with no fees, earn 1x points on up to $50,000 annually, with just five transactions per billing cycle.
- New System: Earn points on both rent and mortgages (yes, mortgages!), with no annual cap. But there’s a catch: you need to use Bilt Cash to fund these rewards.
Bilt Cash Explained:
- Earn 4% back in Bilt Cash on all spending.
- $3 in Bilt Cash = 100 Bilt points on your rent or mortgage payments.
- Bilt Cash expires on December 31 of the year earned, but $100 can roll over.
- You must have Bilt Cash in your account when making 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 $20,000 in rent or mortgage payments.
One More Twist: Rent and mortgage payments are now deducted via ACH, not charged to your card. No more interest-free float on those payments. Love it or hate it, it’s a big change.
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 $4K 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 making the switch as seamless as possible:
- Existing cardmembers move to the new platform with the same card numbers.
- Digital wallets auto-update, no hard credit inquiries.
- Option to keep your Wells Fargo account open (becomes an Autograph Visa card).
But Here’s the Catch: Some existing Wells Fargo cardholders are being denied for Cardless products. Not ideal.
My Take: Is Bilt Still Worth It?
Let’s be real: these changes are massive. For average spenders, especially those who loved the old no-fee rent rewards, this is a downgrade. But for big spenders with hefty rent or mortgage payments, the Bilt Palladium Card could be a game-changer.
Why the Palladium Card Shines:
- Welcome Bonus: Finally, a reason to try it.
- 2x Points on Everyday Spending: Great for transfer partners like Alaska Atmos Rewards and World of Hyatt.
- No Caps on Housing Rewards: Perfect for multiple properties or high payments.
The Downsides:
- Annual Fee: $495 is steep, even with the $400 travel credit.
- Credit Card Fatigue: How many premium cards can one person justify?
The Sweet Spot Has Shifted: Bilt used to be great for low spenders with no annual fee cards. Now, it’s a better fit for high spenders with big housing payments.
Controversial Question: Will fewer people use Bilt for rent payments? Probably. But will those who do spend more on their cards? Absolutely—if they’re willing to pay $495 a year.
The Alaska Atmos Rewards Partnership
Here’s a wildcard: Bilt’s partnership with Alaska Atmos Rewards lets you earn 3x points on rent payments—for a 3% fee. Is it worth it? Depends on how you value Bilt Cash for other perks.
Bottom Line
Bilt’s new system is a double-edged sword. It’s more rewarding for big spenders but less accessible for everyone else. The Bilt Palladium Card is compelling, but at $495, it’s a commitment.
Final Thought: How many $400-900 annual fee cards can we reasonably justify? Bilt’s changes force us to rethink our strategies. What do you think? Are these changes a step forward or a step too far? Let’s debate in the comments!
