Bilt, originally known as a credit card for renters, has recently launched Bilt 2.0, which now extends rewards to homeowners making mortgage payments as well. This update introduces three new rewards credit cards with varying annual fees, benefits, and rewards rates. New cardholders can enjoy an introductory 10.00% APR on new purchases for the first year, aligning with President Trump’s proposed 10% credit card interest rate cap.
One significant change with Bilt 2.0 is the updates to transaction fees and rewards on rent and mortgage payments. Previously, earning rewards on rent with a Bilt Mastercard was straightforward, earning 1 point per dollar spent on rent payments with no added fee as long as a minimum of five transactions were made in a statement period. However, the process has become more complex with Bilt 2.0. Cardholders now have the option to pay a fee for each rent or mortgage transaction or use Bilt Cash to cover the fee, affecting how Bilt Points are earned on housing payments.
When it comes to rent and mortgage payments, Bilt 2.0 cardholders have two options: “max points” or “no transaction fees.” Opting for max points entails a 3% transaction fee on rent and mortgage payments, earning 1 point per $1 spent. Bilt Cash in the account automatically covers the fee, though cardholders can choose to pay it themselves. On the other hand, selecting no transaction fees allows cardholders to avoid the 3% fee but requires using Bilt Cash towards rent or mortgage payments to earn points.
To maximize rent or mortgage payments through Bilt, cardholders need Bilt Cash, which is earned through additional purchases made with the card throughout the month. The new cards offer 4% Bilt Cash on everyday spending, allowing cardholders to accumulate rewards to cover transaction fees or earn points on housing payments.
The Bilt Blue Card, the entry-level option with no annual fee, offers 4% Bilt Cash and 1x Bilt Points on everyday spending, with additional rewards on rent and mortgage payments. The Bilt Obsidian Card, with a $95 annual fee, provides enhanced benefits and rewards, including 3x points on dining or groceries and 2x points on travel. The premium Palladium Card, with a $495 annual fee, offers exclusive perks such as Priority Pass airport lounge membership and up to $400 in annual hotel credits.
Existing Bilt Mastercard holders have until Feb. 6 to transition to a new Bilt 2.0 card without a new credit check. Those who opt not to switch will retain their Bilt Points and access to Bilt services. Overall, Bilt 2.0 presents a revamped rewards system for renters and homeowners alike, providing opportunities to earn rewards on housing payments while enjoying additional benefits and perks.
