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It's been nearly two months since the launch of Bilt 2.0. Now that the confetti has fallen, it's time to take another look at this version of Bilt.
While it's as complicated as it originally seemed, Bilt is also manageable if you know what you want to get out of it. And with the rollout of three new Bilt Rewards credit cards, the best features of the program are more accessible. It may not be the right travel rewards program for everyone, but it's worth careful consideration; there's a lot to love about the new Bilt.
Here's who I think should and shouldn't apply for a Bilt card and what my Bilt credit card application plans are.
Reevaluating the Bilt credit cards
3 reasons a Bilt card should be in your wallet
With a bit of effort, you can set up the Bilt cards to outperform comparable rewards credit cards. When you factor in Bilt's track record of stellar promos and transfer partners, you could be missing out on a lot of value by overlooking Bilt.
You can turbocharge your Bilt card to outperform the competition
With Bilt's point accelerator, you can earn 2X to 3X points everywhere or effectively 5X points within bonus categories (up to the annual cap).
The point accelerator feature allows you to spend $200 in Bilt Cash to unlock an extra 1X points on up to $5,000 in spending (up to five times per year for 1X bonus points on up to $25,000 in purchases per year). You can earn 4% in Bilt Cash on all purchases (depending on the option you choose for earning housing rewards), which means every $5,000 you spend earns you another $200 in Bilt Cash for the next points accelerator (up to $100 of Bilt Cash earned rolls over to the next year, see terms). This strategy can propel the Bilt cards beyond the competition.
If you maximize the points accelerator, the Bilt Obsidian Card (see rates and fees) can earn up to 5X points on up to $25,000 in your choice of dining or grocery purchases every year. That's comparable to what you would earn with the American Express® Gold Card in those categories, and you'll only be on the hook for the Obsidian's $95 annual fee.
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
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
With the Bilt Blue Card (see rates and fees), maxing out the points accelerator earns you 2X points on up to $25,000 in everyday purchases, with no annual fee. Similarly, the no-annual-fee Citi Double Cash® Card earns an unlimited 2% cash back (in the form of ThankYou® Points); 1% when you buy and 1% when you pay for your purchases. However, the transfer ratios to travel partners are reduced by 30% compared with annual fee-charging Citi ThankYou® cards. That means you're effectively earning 1.4X airline miles (depending on the Citi transfer partner), whereas the Bilt Blue has the same transfer ratios as the more expensive Bilt cards.
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
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- No annual fee
- Travelers face a foreign transaction fee
- Intro APR only applies to balance tranfer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% - 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
The Bilt Palladium Card (see rates and fees) can earn 3X points everywhere on up to $25,000 in purchases if you fully utilize the points accelerator. The Palladium's annual fee is only $100 more than the Capital One Venture X Rewards Credit Card, which earns at least 2X miles on all purchases. While the Venture X has simpler annual benefits, the Palladium Card's airport lounge access includes two complimentary guests. To receive the same guest access with the Venture X, you have to hit a high annual spending requirement.
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
The Capital One Venture X Rewards Credit Card is a premium credit card with a myriad of benefits and a lower annual fee than other high-end cards with similar features.
- Annual $300 credit for bookings through Capital One Travel
- 10,000 bonus miles after every card anniversary
- Unlimited complimentary access to 1,300+ airport lounges, including Capital One Lounge and Landing locations
- Long list of valuable travel and shopping protections, including return protection, rental car coverage and trip delay reimbursement (Benefit(s) only available to accounts approved for the Visa Infinite card. Terms apply.)
- Limited bonus spending categories compared to other premium credit cards
- High annual fee
- High credit score requirement (excellent credit)
Highlights
- Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
- Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
- Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights and vacation rentals booked through Capital One Travel
- Earn unlimited 2X miles on all other purchases
- Enjoy access to 1,300+ lounges worldwide, including Capital One Lounge and Landing locations and participating Priority Pass™ lounges, after enrollment
- Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Top rated mobile app
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees
$0
While the extra points are limited to $25,000 in purchases per year, this doesn't factor in the rewards you could earn on housing payments, which could significantly boost your value.
Rent Day promos are more accessible and still off the charts
Bilt is famous for its stunning Rent Day promotions. It doesn't offer a huge bonus every month, but several times a year, Bilt members have access to transfer bonuses of 100% or more. In the past, these deals were harder to access because the bigger bonuses were limited to Bilt's top-tier elite status members.
Now, Bilt status is easier to earn. You can get Gold status just by having the Palladium Card, and spending on any Bilt cards helps you move up the elite status ladder. On top of that, Bilt Cash can unlock higher transfer bonuses.
The opportunity to double your Bilt Points' transfer value with a massive bonus is more accessible than ever.
Bilt Points are the best and continue getting better
I consider Bilt the most valuable transferable travel rewards program. It has the most transfer options and unique partners, such as Atmos Rewards (Alaska Airlines and Hawaiian Airlines) and Spirit Airlines Free Spirit. It offers 1:1 transfers to Japan Airlines JAL Mileage Bank and Emirates Skywards, while most travel programs have reduced transfer ratios to these programs. Bilt is growing as well and just added Wyndham Rewards.
You can transfer Bilt Points to these airline and hotel loyalty programs at a 1:1 ratio unless noted:
Bilt Rewards transfer partners
| Bilt Rewards transfer partners |
|---|
| Avianca Lifemiles |
| Atmos Rewards (Alaska Airlines and Hawaiian Airlines) |
| Air Canada Aeroplan |
| Aer Lingus Aer Club |
| Accor Live Limitless (3:2) |
| British Airways Club |
| Cathay Pacific Cathy |
| Iberia Club |
| Etihad Guest |
| Emirates Skywards |
| Flying Blue (Air France and KLM) |
| Hilton Honors |
| IHG One Rewards |
| Japan Airlines JAL Mileage Bank |
| Mariott Bonvoy |
| Qatar Airways Privilege Club |
| Southwest Airlines Rapid Rewards |
| Air Portugal TAP Miles&Go |
| Turkish Airlines Miles&Smiles |
| United Airlines MileagePlus |
| World of Hyatt |
| Wyndham Rewards |
| Virgin Red |
2 reasons to hold off on applying for a Bilt card
Bilt isn't for everyone. If researching optimization strategies exhausts you, you'll appreciate a more straightforward program.
Opportunity cost
The quickest way for most people to earn a ton of rewards is by opening a new card and earning a giant welcome bonus. The best limited-time welcome offers can provide a 10X to 20X return on the spending you make to earn the bonus.
If you're focused on maximizing your Bilt card's value, you could miss out on other earnings. The Bilt program is a commitment, and if you're not fully committed, the cards start to lose their luster.
Uncertainty
Bilt isn't afraid of change. So if there's an aspect of the program you find particularly valuable or useful, it's not entirely unreasonable to expect it to be temporary. Bilt has had its fair share of changes.
You can earn double points on the first day of the month as part of the Rent Day promotion. The double points used to be capped at 10,000 bonus points, and now you're limited to earning 1,000 extra points. With the introduction of Bilt 2.0, you went from being able to earn fee-free rewards on rent with only five transactions a month to needing a significant amount of spending to earn the same level of rewards on housing payments. After the Bilt 2.0 announcement, but before it launched, an additional path to earning rewards on housing payments was added.
I mentioned Rent Day deals as a reason to jump on board with Bilt, but that promotion also has an uncertain future. Bilt has stated it will continue to offer double points during Rent Day through Jan. 1, 2027, but there's no guarantee this promotion will continue to offer exceptional transfer bonuses.
Points inflation is part of the game. Airlines and hotels regularly "enhance" award prices with double-digit percentage increases. Loyalty programs and card issuers also add restrictions or reduce benefits from time to time. But those programs are run by large legacy companies; Bilt is a much smaller fintech startup. It moves quickly and makes fixes along the way. If you don't like change, you may find a relationship with Bilt uncomfortable.
My Bilt card application plans
Bilt 2.0 has had its share of issues, with Reddit users reporting trouble with housing payments and others being charged foreign transaction fees (the fees seem to have been refunded; see rates and fees). I'm glad I've waited to apply, but I expect the worst of the issues to get worked out, so I'm not going to let them keep me away from a good deal.
As far as Bilt's penchant for changes goes, I see it as a positive because many of the best deals aren't sustainable. Wells Fargo was reportedly losing $10 million a month on its Bilt partnership. I'd rather have a long relationship with a valuable program that's less likely to go out of business without notice than a short fling with rewards that are too good to be true.
For all the Bilt deals that are no more, new opportunities take their place. I recently opened The Rakuten American Express® Card in large part because you can transfer Rakuten cash back to Bilt (1 cent = 1 point). But that 1:1 ratio is only valid until May 15, 2026; then, the ratio drops to 2:1 unless you have Silver Bilt status or higher.
The Rakuten Amex Card is an OK cash-back card, but its value dramatically increases when you pair it with an Amex card that earns Membership® Rewards points.
- No annual fee
- No currency conversion fees
- Can earn flexible Amex points, if you have another card that earns Membership Rewards® points
- Small welcome offer
- Quarterly payment for rewards, not monthly
Between the increased Rent Day transfer bonuses (for as long as they last) and the ability to earn Bilt Points through the Rakuten shopping portal, Bilt status is looking more valuable. This makes the Palladium Card's automatic Bilt Gold status more appealing.
Even if those deals don't last, I expect more delightful surprises from Bilt.
The one thing everyone got right about the new Bilt program is that it's complicated. But I'm OK with navigating the complications because of the excitement of the potential surprises. Isn't that how all the best relationships work?
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For rates and fees of the American Express® Gold Card, click here.
