For many people, paying rent each month is their largest expense — and Bilt believes you should be rewarded for it.
In 2022, Bilt released the Bilt Mastercard (currently unavailable to new applicants), which let you earn points on rent payments with no transaction fees. The next generation of Bilt 2.0 cards now offers rewards on both rent and mortgage payments with no transaction fee, among other changes.
Preorders for the Bilt Card 2.0 program officially launched on Jan. 14 for current Bilt cardholders, but the cards are now available to the general public. There are three Bilt cards to choose from: the Bilt Blue Card (see rates and fees), Bilt Obsidian Card (see rates and fees) and the premium Bilt Palladium Card (see rates and fees).
What you need to know about Bilt 2.0
Bilt, the neighborhood membership program, has made a name for itself by offering rewards on rent payments, and the company is taking the next step: You can now earn Bilt Points on mortgage payments as well.
Bilt is also changing how it offers fee-free rent and mortgage payments, removing the requirement that cardholders make five non-rent transactions per month and instead leaning more heavily into Bilt Cash.
Bilt Cash is a new, flexible currency that launched Jan. 1 to replace Milestone Rewards. The Bilt Cash you earn can be used to unlock the ability to earn points on rent or mortgage payments, as well as Lyft credits, dining at select Bilt partner restaurants and more. When used to cover your rent or mortgage, $3 in Bilt Cash is worth 100 Bilt Points, effectively allowing cardholders to earn up to 1.25X on their total housing payment.
Bilt Points themselves do not change and remain among the most valuable rewards currencies on the market. Additionally, Bilt has introduced its first-ever credit card welcome bonus in the form of Bilt Cash across all three cards, but only the Bilt Palladium Card's bonus offer includes both Bilt Cash and Bilt Points.
Post-launch changes
On Jan. 16, just two days after the initial launch of the Bilt 2.0 cards, Bilt founder and CEO Ankur Jain sent an email to Bilt Members announcing a "simpler option to earn fee-free rewards on rent and mortgage."
You can now earn up to 1.25X points on your rent, but only if you spend enough on your Bilt Card. The originally announced method of using Bilt Cash will remain available as an additional option.
Bilt 2.0 housing payment option 1
| Points earned on housing payment | Minimum everyday spend as a % of monthly rent/mortgage (Example $2,000 rent) |
|---|---|
| 0.5X points | Minimum of 25% of monthly payment ($500) |
| 0.75X points | Minimum of 50% of monthly payment ($1,000) |
| 1.0X points | Minimum of 75% of monthly payment ($1,500) |
| 1.25X points | 100% or more of monthly payment ($2,000+) |
Source: Bilt Rewards
With this second option, your card won't earn 4% Bilt Cash on every purchase. Instead, you opt to automatically earn points on housing. For those who don't meet the minimum spending requirements, you'll still earn 250 points per month. Additionally, any Bilt Cash earned via a welcome bonus or annually will still be credited, even if your card doesn't earn Bilt Cash on daily purchases. While this update aims to make the card's value clearer, it still requires a decent amount of math for most users.
Another change that may prompt mixed opinions is that BiltProtect is now required for all rent and mortgage payments. With BiltProtect, housing charges on your card must be paid within 24 hours. While it can help people unintentionally avoid interest and free up more of their credit line, it also removes much of the flexibility for users.
New Bilt 2.0 cards
The new cards also have a 10% introductory APR on new eligible purchases for the first year, then the standard variable purchase APR of 26.74% – 34.74% will apply.
Bilt Blue Card
The Bilt Blue Card offers a solid entry card to the world of Bilt, offering 1X on everyday purchases without charging an annual fee.
- Earns ultra-valuable flexible rewards
- No annual fee
- Can earn up to 1.25X points on rent and mortgage payments
- Additional steps for no-fee rent payments
- Bilt Cash redemptions are complicated
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn up to 1.25X points on rent and mortgage payments with no transaction fee.
- 1X points on everyday spend
- Welcome offer: $100 of Bilt Cash when you apply and get approved. At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.
- Earn additional points through Bilt Neighborhood Benefits™ when you use your card at Bilt's network of 50,000+ merchant partners.
- Other benefits: No foreign transaction fees, Cellular Wireless Telephone Protection, Purchase Assurance, MasterRental Coverage (See Guide to Benefits)
Balance transfer fee
Greater of 5% or $5
Annual fee: $0
Welcome bonus: $100 of Bilt Cash when you apply and are approved. At the end of each calendar year, any Bilt Cash balance over $100 will expire.
Earnings: 1X points + 4% back in Bilt Cash on all other purchases
The Bilt Blue Card is an accessible introduction to the Bilt ecosystem. For a $0 annual fee, you can still earn 1X points on everyday spend. The Bilt Cash you earn can be used as credits on Bilt Neighborhood spending, to unlock access to point-earning on your rent or mortgage and more. With no categories or added statement credits, the Bilt Blue Card is an entry point for those interested in Bilt overall.
Bilt Obsidian Card
The Bilt Obsidian Card offers 3X Bilt Points on key everyday categories, like groceries (up to $25,000 per year) or dining (your 3X category choice remains in effect for the entire calendar year), plus comes with a $100 Bilt Travel Portal hotel credit (split semi-annually each calendar year).
- Earns ultra-valuable flexible rewards
- Can earn up to 1.25X points on rent and mortgage payments with no transaction fee
- High return on dining or grocery purchases
- Additional steps for no-fee rent payments
- Cap on earning bonus Bilt points for groceries
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn up to 1.25X points on rent and mortgage payments with no transaction fee.
- 3X points on your choice of grocery (up to $25K/year) or dining. Your 3X category choice remains in effect for the entire calendar year.
- 2X points on travel
- 1X points on everyday spend
- Welcome offer: $200 of Bilt Cash when you apply and get approved. At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- $100 Bilt Travel Hotel credit. Applied twice a year, as $50 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.
- Earn additional points through Bilt Neighborhood Benefits™ when you use your card at Bilt's network of 50,000+ merchant partners.
Balance transfer fee
Greater of 5% or $5
Annual fee: $95
Welcome bonus: $200 of Bilt Cash when you apply and are approved. At the end of each calendar year, any Bilt Cash balance over $100 will expire.
Earnings: 3X points on your choice of dining or grocery (up to $25,000 a year, then 1X points thereafter), 2X points on travel and 1X points on everyday purchases (plus 4% in Bilt Cash on each category)
The Bilt Obsidian Card slots into a competitive $95 annual fee category and is geared toward those who spend more heavily on food. Earn 3X points on either dining or groceries (your choice), up to the $25,000 annual maximum. The card also earns 2X points on travel purchases and a $100 Bilt travel portal hotel credit, split semi-annually per calendar year. This is the only new Bilt card that offers bonus rewards categories.
Bilt Palladium Card
The Bilt Palladium Card earns 2X Bilt Points on everyday purchases, and your choice of up to 1.25X on rent and mortgage payments
- Earns ultra-valuable flexible rewards
- Simple flat-rate rewards earning
- Can earn up to 1.25X points on rent and mortgage payments
- Additional steps for no-fee rent payments
- High annual fee
- Bilt Cash redemptions are complicated
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn up to 1.25X points on rent and mortgage payments with no transaction fee.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 3 months + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.
- Earn additional points through Bilt Neighborhood Benefits™ when you use your card at Bilt's network of 50,000+ merchant partners.
Balance transfer fee
Greater of 5% or $5
Annual fee: $495
Welcome bonus: 50,000 Bilt Points after $4,000 of non-housing spending in the first 90 days, Gold elite status and $300 in Bilt Cash when you apply and get approved.
Earnings: 2X points and 4% back in Bilt Cash on everyday purchases
With the highest annual fee in the lineup, the Bilt Palladium delivers premium benefits while maintaining a simple, everyday experience. The card earns a flat 2X Bilt Points and 4% Bilt Cash on all your everyday purchases and comes with $400 in Bilt travel portal hotel credits (split semi-annually per calendar year), representing a significant portion of the card's annual fee. You can also enjoy access to Priority Pass airport lounges.
Final thoughts
Bilt appears to be shifting its target audience. The earlier simplicity — earning rewards on rent with minimal spending and no transaction fees — no longer defines the program in the same way.
If your primary goal is to earn rewards on transaction-free rent or mortgage payments, you may have to use a Bilt 2.0 card more frequently to accumulate enough Bilt Cash. Bilt is clearly encouraging deeper engagement with their ecosystem, which can offer substantial value and flexibility for those willing to lean in.
Overall, these three new cards can deliver significant benefits if you're willing to consolidate your spending within the Bilt ecosystem.
FAQs
Has the Bilt 2.0 card launched yet?
Yes, all three Bilt 2.0 cards are available for open application
Is Bilt Card 2.0 worth it?
The short answer is it depends, but each card has the ability to generate solid rewards if used to their strengths. The Bilt Palladium has the highest annual fee, and would require the most use to recoup, but can provide great value as well.
Is the Bilt card shutting down?
No, Bilt is not shutting down it's credit cards, but the Bilt Mastercard is being phased out and replaced with the three new cards offered. The last day you could have used your Bilt Mastercard was February 6th, 2026.
Is it difficult to get a Bilt card?
You'll likely need a good to excellent credit score to get approved for a Bilt credit card, or a FICO Score of 670 and above.
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