Bilt just launched three new credit cards with points mortgage, 4% cash back, but it's complicated
TLDR: I would not recommend the new cards unless you can thread the needle with high spend on the Palladium card to earn enough Bilt Cash to redeem for Bilt points on your rent or mortgage.
Current cardholders can pick their new card starting today. The Wells Fargo era ends February 7, 2025 when all three cards go live.
Meet the three cards
Bilt split into a tiered system:
- Earn up to 1X points on rent and mortgage payments.
- Earn 1X points and 4% Bilt Cash on everyday purchases.
- Welcome offer: $100 of Bilt Cash when you apply and get approved.
- Has no annual fee.
- Earn up to 1X points on rent and mortgage payments.
- Earn 1X points and 4% Bilt Cash on everyday purchases.
- Earn 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.
- Earn 2X points on travel
- Welcome offer: $200 of Bilt Cash when you apply and get approved.
- $100 Bilt Travel Hotel credit. Applied twice a year, as $50 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- No foreign transaction fees.
- $95 annual fee.
- Earn up to 1X points on rent and mortgage payments.
- Earn 2X points and 4% Bilt Cash on everyday purchases.
- $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.
- Priority Pass membership.
- 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.
- $495 annual fee.
All three cards now support earning on mortgage payments to any servicer. Not just rent anymore.
Feature | |||
|---|---|---|---|
Annual Fee | $0 | $95 | $495 |
Everyday Earn | 1X points | 1X points | 2X points |
Category Bonus | None | 3X dining OR grocery (up to $25K) | None |
Travel Earn | 1X points | 2X points | 1X points |
Rent/Mortgage | Up to 1X points | Up to 1X points | Up to 1X points |
Hotel Credit | None | $100/year ($50 every 6 months) | $400/year ($200 every 6 months) |
Priority Pass | No | No | Yes |
Annual Bilt Cash | None | None | $200 |
Welcome Bonus | $100 Bilt Cash | $200 Bilt Cash | 50K points + Gold status + $300 Bilt Cash |
How does Bilt Cash work?
Bilt has introduced a new currency called Bilt Cash. Every dollar you spend on non-housing purchases earns 4% back in Bilt Cash.
The catch is that you have to use Bilt Cash to unlock points on rent and mortgage.
For every $30 in Bilt Cash unlocks 1,000 points on housing payments. The upside is that there are now no maximums on how much rent or mortgage you can earn points on.
Every $30 in Bilt Cash unlocks 1,000 points on housing payments
Say your mortgage is $2,000 monthly. To earn the full 2,000 points, you will need redeem $60 in Bilt Cash. To earn $60 Bilt Cash, that would required $1,500 in everyday spend (non rent and mortgage) on your Bilt card.
So you need to spend 75 cents on other stuff for every dollar of rent or mortgage to avoid fees completely.
If you don't have enough Bilt Cash, you can still earn some points on rent and mortgage. (1) Earn partial points with whatever you have. Or (2) pay a 3% fee on the remaining balance to unlock the full 1X.
Bilt Cash expires December 31 each year. You can roll over $100. Palladium cardholders start each year with their rollover plus the annual $200 credit for $300 total.
Transition deadlines matter
Current cardholders select their new card through the Bilt app or bilt.com/card starting today.
You have until January 30 to choose if you want the seamless upgrade. That means keeping your current card number, all subscriptions intact, no hard inquiry.
Cards arrive by February 6. Everything activates February 7.
Miss the January 30 deadline and your Wells Fargo card converts to an Autograph card. You can still apply for Bilt 2.0, but you'll face a hard pull and lose your current card number.
When you select your card, you can transfer balances to the new Cardless account and close Wells Fargo. Or keep it open as an Autograph card.
New applicants can apply starting today too.
How Bilt stacks up vs. other premium cards
Bilt wants direct comparisons to premium cards. Let's do it.
Chase Sapphire Reserve costs $550. Amex Platinum runs $695. Capital One Venture X runs at $395. Bilt Palladium sits at $495.
Sapphire Reserve earns 3X on dining and travel. Amex Platinum earns 5X on flights and prepaid hotels through their portals. Both earn 1X on everything else.
Bilt Palladium earns 2X on all everyday spending. Not just categories. Everything that isn't rent or mortgage.
Put $3,000 monthly on Palladium beyond housing? That's 72,000 points yearly just from everyday purchases with added earnings from rent or mortgage.
The hotel credits are similar too. Sapphire Reserve gives $300 travel credit. Palladium offers $400 for hotels through Bilt Travel.
Neither Chase nor Amex lets you earn anything on rent or mortgage payments. For most people, that's their biggest monthly expense.
However, the issue is that using Bilt Cash to "redeem" for Bilt points on rent or mortgage creates a ton of complexity. While the value can still be there, we now have two Bilt reward currencies.
Why Bilt points matter
Bilt points transfer 1:1 to over 24 airline and hotel partners. Alaska Airlines, Air Canada Aeroplan, World of Hyatt, Virgin Atlantic, Turkish Airlines.
The program runs 100% to 200% transfer bonuses occasionally too. When you can move points at elevated ratios to Virgin Atlantic or Aeroplan, the value adds up fast.
Mortgage payment details
You can pay any residential mortgage through Mastercard's bill pay in the app or by check. If your servicer partners directly with Bilt (like UWM), you can use the card directly.
All personal mortgages qualify. Commercial ones don't.
No monthly cap on rent or mortgage payments. You can earn across multiple homes. The limit is 1X points per property, not per payment amount.
Credit limits reset
Cardless determines your credit limit, not Wells Fargo. It's based on your profile when you transition or apply.
Bilt says most people should see similar or higher limits. But it's not guaranteed.
Existing cardholders face no hard inquiry when transitioning. New applicants get a hard pull.
One year lock-in
During the first year, you can't upgrade or downgrade between cards. Want to switch from Blue to Palladium? You'll need to close one and open another.
That'll probably change after year one, but for now you're committed to your choice.
Final thoughts
Bilt 2.0 Cards is Bilt's move into premium territory. But the Bilt Cash structure adds a lot of complexity. You need consistent everyday spending to unlock fee-free rent and mortgage points. So you need to spend an additional 75 cents per dollar of rent or mortgage payments.
Palladium makes sense if you're putting $3K+ monthly on the card beyond housing. The 2X earn rate, 4% Bilt cash, and $495 annual fee is only worth it for high spenders.
Blue is less exciting than the original Wells Fargo card. Flat 1X with no categories doesn't compete well in today's market.
Obsidian sits awkwardly in the middle. You get category bonuses, but you're still dealing with Bilt Cash mechanics.
Run your numbers. Calculate your rent or mortgage, estimate everyday spending, and see how much Bilt Cash you'd actually generate.
If you're transitioning, go for that January 30 deadline. After that, you lose seamless upgrade and face hard inquiries.
