With a transition from Wells Fargo to Cardless and Column N.A. Bank, Bilt has introduced its Bilt Card 2.0 setup, featuring three new Bilt credit cards: the Bilt Blue Card, Bilt Obsidian Card, and Bilt Palladium Card.
The annual fees range from $0 to $495, and all three cards offer ways to make fee-free rent and mortgage payments. However, the process is more confusing than what was originally available on the Bilt Card 1.0, as you now have to earn Bilt Cash on everyday spending to offset the transaction fee.
At first glance, it seems more complicated than it’s worth, especially if you were a Bilt Card 1.0 user. In many cases, a separate travel credit card or cash-back credit card setup seems like it would be the better strategy for earning rewards, even if you can’t take advantage of rent or mortgage payments. Still, there may be certain situations where the new Bilt 2.0 credit cards make sense.
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While Bilt previously partnered with Wells Fargo, its new card servicer will be Cardless, with cards issued by Column N.A. Bank.
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Bilt Card 2.0’s setup includes the no-annual-fee Bilt Blue Card, the $95-annual-fee Bilt Obsidian Card, and the $495-annual-fee Bilt Palladium Card.
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You could previously use the Bilt Mastercard (Bilt 1.0) for fee-free rent payments if you made at least five transactions per billing cycle. Now, you have to earn Bilt Cash through everyday spending and then use your Bilt Cash to offset the transaction fee for rent and mortgage payments.
All three Bilt 2.0 cards earn 4% Bilt Cash on all eligible purchases and up to 1x points on rent and mortgage payments. However, each card also has its own spending categories.
Keep in mind that Bilt Cash and Bilt points are not the same. We discuss the differences further down.
Two of the Bilt 2.0 cards have a Bilt Travel hotel credit benefit:
Something to note about these credits is that they’re actually split into two semi-annual credits. Meaning, you can use up to half of the total credit from January through June, and then the rest of the credit from July through December.
In addition, you’ll only receive statement credits if you make qualified bookings. For this benefit, qualified bookings are hotel bookings of two nights or longer that are made through the Bilt Travel Portal on the Bilt Rewards website or through the Bilt app, using your applicable Bilt credit card.
You must also toggle on the option to receive the credit when checking out in the Bilt app or on the website to receive your statement credit.
All three Bilt 2.0 cards offer cell phone insurance, and the coverage limitations are the same. You can receive reimbursement for the actual cost to replace or repair a stolen or damaged cell phone, up to $800 per claim, and up to $1,000 per covered card per 12-month period, subject to a $50 deductible.
Note that you have to pay your monthly cell phone bill with your applicable card to receive this coverage.
The new Bilt 2.0 cards make the most sense for people who plan to use them for everyday spending. If these cards fit into your spending and rewards strategy, you’ll also get the added benefit of being able to earn points on your rent or mortgage payments.
However, you’ll have to calculate whether the amount of Bilt Cash you have to put toward those payments is worth it. You’ll also have to determine if using one of the Bilt cards is a better rewards strategy than using other rewards cards.
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Valuable transfer partners, such as Air Canada Aeroplan, Atmos Rewards, and World of Hyatt
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You can earn points on rent and mortgage payments
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No foreign transaction fees
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Three options to choose from
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Cell phone protection
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There’s a 3% transaction fee if you want to earn points on your rent or mortgage payments, or you have to use Bilt Cash
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Bilt Cash is a convoluted way to make rent or mortgage payments with no transaction fees
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Earning a better welcome bonus depends on the card you choose to apply for
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Other rewards credit cards may be better for everyday spending
Bilt Cash is a new reward currency in the Bilt ecosystem. It doesn’t replace Bilt Points. Rather, you can earn both at the same time. As Bilt puts it, “Bilt Cash gives you value when redeemed and access to exclusive features, experiences, and benefits in the Bilt ecosystem.”
All three Bilt 2.0 Cards earn 4% back in Bilt Cash on purchases, excluding rent and mortgage. That means if you spend $10,000 on groceries in a year, you would earn $400 in Bilt Cash with each card.
According to Bilt, $1 of Bilt Cash is worth $1 in value.
Bilt Cash is the new way to avoid paying a transaction fee on rent and mortgage payments.
In the Bilt Rewards Card offer terms, we see two options for making rent and mortgage payments (bold text added after the fact):
No transaction fee: Pay your rent or mortgage with no transaction fee. You may redeem Bilt Cash to unlock Bilt Points on your payment: every $3 of Bilt Cash unlocks 100 Bilt Points, up to a maximum of 1 Point per $1 of your payment amount. You choose how much Bilt Cash to redeem each payment.
Max Points: Earn 1 Point per $1 on your rent or mortgage payment. A 3% transaction fee applies. Bilt Cash in your account is automatically applied to cover the transaction fee, though you may adjust this in the Bilt app. Any portion of the fee not covered by Bilt Cash is your responsibility.”
With the first option, you can pay your rent or mortgage with no transaction fee, but you won’t earn any points on those payments unless you use Bilt Cash to unlock that earning capability, at a rate of $3 Bilt Cash per 100 Bilt Points. So, you would need to use $60 Bilt Cash to earn 2,000 Bilt Points on a $2,000 rent or mortgage payment.
With the “Max Points” option, you can earn points on your rent or mortgage payments at a rate of 1 point per $1, but you have to pay a 3% transaction fee. So, you can earn 2,000 points on a $2,000 payment, but you’d have to pay a $60 fee.
However, you can use Bilt Cash to cover some or all of the fee. If you want to cover the entire $60 fee in this scenario, you would have to pay $60 in Bilt Cash.
In either of these scenarios, with a $2,000 rent or mortgage payment, you would need $60 in Bilt Cash to earn points or cover the transaction fee.
Considering each of the Bilt 2.0 cards earns 4% Bilt Cash on everyday spending, you would need to spend 75% of your rent or mortgage payment each month to have the necessary Bilt Cash to earn points or cover the transaction fee.
For a $2,000 rent or mortgage payment, that’s $1,500 in eligible non-housing spending per month to get the necessary Bilt Cash. At a 4% rate, spending $1,500 nets you $60 in Bilt Cash.
Keep in mind that any Bilt Cash you earn during a calendar year will expire at the end of the year, except for $100 that you can roll over to the following year. So, don’t plan on having a heavy few months of spending during the holiday season to bank some Bilt Cash for the next year.
For many people, the answer to this question is likely a resounding no.
With the Bilt Card 1.0, all you had to do for fee-free rent payments was use your card five times per billing cycle. Also, the rent payment counted as one of those five transactions, so you only had to do four other transactions.
You don’t have a minimum transaction limit anymore, but you basically have a minimum monthly spending limit now if you want to earn points on your payment or cover the transaction fee. That limit is 75% of your rent or mortgage payment each month.
The new Bilt 2.0 cards use the Mastercard network, so you can use them anywhere Mastercard credit cards are accepted.
You can make payments to your Bilt account through the Bilt app or website.
You can reach Bilt customer service by calling the number on the back of your card or using the chat function on bilt.com.
The best part of the Bilt Blue Card is that it has a $0 annual fee. However, its everyday spending potential is quite bad. Consider these alternatives for better earning potential on your daily purchases:
The Bilt Obsidian Card has a $95 annual fee, putting it into competition with similarly-priced travel cards. If you compare it with some of its competitors, you may find they better suit your needs in terms of rewards and benefits.
The Bilt Palladium’s $495 annual fee places it firmly in the premium travel card category, facing off against some true heavyweights in the industry. While it has some decent rewards and benefits, we’re not sure it blows away any of the competition.
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