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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 (see rates & fees), Bilt Obsidian Card (see rates & fees), and Bilt Palladium Card (see rates & fees).
The annual fees range from $0 to $495 (see rates & fees), and all three cards offer ways to make rent and mortgage payments without transaction fees. However, the process is more confusing than it was on the Bilt Card 1.0, as you now have to spend on the new Bilt Cards to earn points on rent and mortgage payments.
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 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.
While Bilt previously partnered with Wells Fargo, its new card servicer is Cardless, with cards issued by Column N.A. Bank.
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 (see rates & fees).
You could previously use the expired Bilt Mastercard (Bilt 1.0) for transaction fee-free rent payments if you made at least five transactions per billing cycle. Now, there are still no transaction fees on rent and/or mortgage payments when making a housing payment through Bilt, but you have to choose between two confusing reward structures.
|
Bilt Blue Card |
Bilt Obsidian Card |
Bilt Palladium Card |
|
|---|---|---|---|
|
Annual fee |
$0 (see rates & fees) |
$95 (see rates & fees) |
$495 (see rates & fees) |
|
Intro APR |
10% for the first 12 billing cycles after account opening (then 26.74 – 34.74% variable) |
10% for the first 12 billing cycles after account opening (then 26.74 – 34.74% variable) |
10% for the first 12 billing cycles after account opening (then 26.74 – 34.74% variable) |
|
Welcome offer |
Get $100 of Bilt Cash when you apply and get approved* |
Get $200 of Bilt Cash when you apply and get approved* |
(Subject to approval) 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash* |
|
Base rewards rate |
1x |
1x |
2x |
*Bilt Cash expires at the end of the calendar year it is earned. Up to $100 of Bilt Cash earned rolls over to the next year.
All information about the Bilt Blue Card, Bilt Obsidian Card, and Bilt Palladium Card has been collected independently by and is no longer available through Yahoo Finance.
There are no transaction fees on rent and mortgage payments when you pay through Bilt. However, you have to choose between two options when deciding how you want to earn points on housing payments.
This option nets you 4% back in Bilt Cash on everyday purchases on all three Bilt cards. This is in addition to the point-earning potential already available on each card.
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. Bilt Cash can be redeemed in various ways, including unlocking earning points on housing payments.
Using $30 of Bilt Cash allows you to earn 1,000 Bilt Points on your housing payment. You can use as much Bilt Cash as you want to unlock earnings on your housing payments, up to the actual payment amount. For example, you would need to redeem $60 of Bilt Cash to earn 2,000 points on a $2,000 housing payment.
Note: All Bilt Cash expires at the end of the calendar year in which it is earned, but up to $100 of Bilt Cash rolls over to the next year.
This option forgoes earning Bilt Cash and lets you automatically earn points on housing payments, up to 1.25x depending on how much you use your Bilt card on everyday purchases.
Here’s how it breaks down:
Earn 0.5x points on housing payments if you spend at least 25% of your monthly housing payments on everyday purchases
Earn 0.75x points on housing payments if you spend at least 50% of your monthly housing payments on everyday purchases
Earn 1x points on housing payments if you spend at least 75% of your monthly housing payments on everyday purchases
Earn 1.25x points on housing payments if you spend the same or more of your monthly housing payments on everyday purchases
With this option, the minimum spending thresholds to hit each tier of earning for a $2,000 housing payment would be $500 (25%), $1,000 (50%), $1,500 (75%), and $2,000 (100% or more).
If you don’t meet the minimum spending threshold one month, you’ll still earn 250 points on your housing payment made through Bilt for that billing cycle.
All three Bilt 2.0 cards earn 4% Bilt Cash on all eligible purchases when you select the Flexible Bilt Cash option. When you redeem your Bilt Cash on housing payments, you can earn up to 1x points on rent and mortgage payments. However, each card also has its own spending categories for earning Bilt Points.
For example, with the Flexible Bilt Cash option, a $2,000 monthly housing payment, and $2,000 in everyday expenses (non-dining or grocery), you would earn:
Bilt Blue Card or Obsidian Card: 2,000 points and $80 in Bilt Cash.
Bilt Palladium Card: 4,000 points and $80 in Bilt Cash.
If you already had $60 in Bilt Cash, you could redeem that to earn an additional 2,000 points on your $2,000 housing payment.
Keep in mind that Bilt Cash and Bilt Points are not the same.
|
Bilt Blue Card |
Bilt Obsidian Card |
Bilt Palladium Card |
|---|---|---|
|
4% Bilt Cash on everyday spend (with Flexible Bilt Cash) |
4% Bilt Cash on everyday spend (with Flexible Bilt Cash) |
4% Bilt Cash on everyday spend (with Flexible Bilt Cash) |
|
1x points on everyday spend |
3x points on dining or grocery (your choice each year; 3x on grocery is on up to $25,000 per year, then 1x) |
2x points on everyday spend |
|
Up to 1x points on rent and mortgage |
2x points on travel |
Up to 1x points on rent and mortgage |
|
1x points on everyday spend |
||
|
Up to 1x points on rent and mortgage |
|
Bilt Points redemption options |
Bilt Cash redemption options |
|---|---|
|
Transfers to airline and hotel partners |
Elevated status for transfer bonuses |
|
Travel redemptions through the Bilt Travel Portal |
Access to Bilt’s luxury hotel collection |
|
Fitness classes |
Exclusive Bilt experiences |
|
Online shopping |
Bilt Travel Portal hotel bookings |
|
Lifestyle redemptions through the Bilt Collection |
Lyft credits |
|
Rent |
Fitness classes |
|
Down payments on home purchases |
Dining |
|
Home delivery |
|
|
Bilt Collection items |
Two of the Bilt 2.0 cards have a Bilt Travel hotel credit benefit:
Bilt Obsidian Card: $100 annual Bilt Travel Hotel credit. This is awarded semi-annually as a $50 statement credit.
Bilt Palladium Card: $400 annual Bilt Travel Hotel credit. This is awarded semi-annually as a $200 statement credit.
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 the rest from July through December.
In addition, you’ll only receive statement credits for qualified bookings. For this benefit, qualified bookings are hotel stays of two nights or more made through the Bilt Travel Portal on the Bilt Rewards website or 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 cellular wireless telephone 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.
This is available on all three Bilt 2.0 cards. Purchase Assurance provides coverage if eligible items are damaged or stolen within 90 days of purchase. There’s a maximum of $1,000 per loss and a total of $50,000 per cardholder account per 12-month period.
This is available on all three Bilt 2.0 cards. MasterRental Coverage provides secondary coverage to rental vehicles for periods of 31 consecutive days or less. This coverage provides protection against physical damage and theft of the vehicle.
This is available on the Bilt Obsidian and Bilt Palladium cards. This coverage provides a maximum trip cancellation or interruption benefit of $2,000 per covered trip and $5,000 per eligible account per 12-month period.
This is available on the Bilt Obsidian and Bilt Palladium cards. This coverage provides up to $300 in trip delay reimbursement per trip, with a limit of one claim per 12-month period. This coverage applies to eligible delays of more than six hours.
This is available on the Bilt Obsidian and Bilt Palladium cards. This coverage doubles the time period of your eligible purchase’s original manufacturer’s warranty, up to a maximum of 24 months from the day the original warranty expires. Terms apply.
This is available on the Bilt Obsidian and Bilt Palladium cards. This coverage provides up to $1,500 per incident to repair or replace eligible checked or carry-on luggage and its contents. There is a maximum of two claims per 12-month period.
This is available on the Bilt Palladium card. The eligible cardholder receives a complimentary Priority Pass membership and can bring up to two guests free of charge. Additional guests above two are charged $35 per lounge visit, per guest.
This is available on the Bilt Palladium card. This coverage provides up to $250 per eligible claim to replace, on an emergency basis, any personal articles or business effects in your delayed checked baggage. There is a maximum of two claims per 12-month period.
This is available on the Bilt Palladium card. This coverage offers up to $250 per claim (with a minimum $25 claim amount) if an eligible item you’ve purchased entirely with the Palladium Card has an advertised lower price after you make your purchase. There is a maximum of four claims per 12-month period.
*A maximum benefit amount and certain restrictions and limitations apply. Please review the Mastercard Guide to Benefits for details:
https://www.biltrewards.com/terms/blue-card-guide-to-benefits
https://www.biltrewards.com/terms/obsidian-card-guide-to-benefits
https://www.biltrewards.com/terms/palladium-card-guide-to-benefits
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 which rewards structure (Flexible Bilt Cash or Housing-only rewards) is right for you. You’ll also have to determine if using one of the Bilt cards is a better rewards strategy than using other rewards cards.
Valuable transfer partners, such as Air Canada Aeroplan, Atmos Rewards, and World of Hyatt
You can earn points on rent and mortgage payments
No foreign transaction fees (see rates & fees)
Three options to choose from
Cellular Wireless Telephone Protection
The rewards structures (Flexible Bilt Cash and Housing-only rewards) are confusing
Earning a better welcome bonus depends on the card you choose to apply for
Other rewards credit cards may be better for everyday spending
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 (see rates & fees). 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 (see rates & fees), 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 (see rates & fees) 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.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Source: Yahoo Finance
