Credit Card News
Bilt Unveils Full Details on New Rewards Credit Card Line-Up
Following months of teases and weeks of leaks/rumors, Bilt has officially released a full look at their new credit card offerings.
About Bilt’s Credit Card Line-Up
As expected, Bilt will now offer three credit card options. The newly-revealed names for these products are Bilt Blue, Bilt Obsidian, and Bilt Palladium. Respectively, these cards carry no annual fee, a $95 annual fee, and a $495 annual fee.
One big change with these new products is that cardholders will no longer be able to simultaneously earn rewards on rent and pay no transaction fee. Instead, customers can either pay a 3% fee and earn 1x points per dollar spent right away or can redeem Bilt Cash to effectively cover the transaction fee and earn points. Alternatively, cardholders can pay no fee but also forgo any points. Currently, customers can redeem $30 in Bilt Cash to earn 1,000 points on their housing payment. Notably, this now includes either rent or mortgage payments.
On the topic of Bilt Cash, each of the new cards earn 4% Bilt Cash on all non-rent or mortgage payment purchases. Beyond the ability to redeem Bilt Cash to cover transaction fees, Bilt teases other possibilities. These include the option to redeem for temporary higher Bilt status (which would be useful for earning larger transfer bonuses on Rent Day). Bilt Cash can also be used at a dollar-for-dollar rate toward bookings on Bilt Travel, Lyft credit, Bilt Collection, and more. Earned Bilt Cash will expire at the end of each calendar year, regardless of when it was earned. However, customers can roll over up to $100 into the new year.
More on Blue, Obsidian, and Palladium:
While those are the things that the new cards have in common, there are several differences as well.
Starting with the Bilt Blue card, it will earn up to 1x on rent/mortgage payments and 1x on all other purchases. That means that the 3x on dining and 2x on travel categories found on the current Bilt Mastercard will be scrubbed. That said, Bilt Blue customers can still earn 3x points at partner restaurants, 3x at partner fitness studios, 3x on Lyft rides, and 2x points at Walgreens.
Moving to the $95 Obsidian card, in addition to the 1x categories, it gives cardholders the choice to earn 3x on either dining or groceries plus 2x on travel. For those who choose the latter, a $25,000 per year cap will be in effect for 3x earnings. The Obsidian will also include a $100 Bilt Travel Hotel credit, which will be issued in two $50 installments ($50 to be used January through June and another $50 to be used between July and December). A minimum two-night stay is also required.
Finally, the $495 Bilt Palladium card includes a Priority Pass, $200 Bilt Cash annually, and a $400 Bilt Travel Hotel Credit ($200 semiannually, akin to the Bilt Obsidian). In terms of points, it earns the regular “up to 1x” on rent/mortgage payments but otherwise earns 2x on all other purchases.
All three cards are also offering welcome bonuses. For the Blue card, cardholders can earn $100 Bilt Cash upon approval, while Obsidian customers can claim $200 in Bilt Cash. Meanwhile, those who choose the Palladium can earn $300 Bilt Cash upon approval and can also unlock 50,000 Bilt Points and Gold Status after spending $4,000 on everyday purchases (not rent or mortgage payments) within their first three months.
My Thoughts:
Can I tell you how confusing these new products are? Even after reading about these rumored rent payment changes for weeks, it took me a while to fully digest them this morning while looking over Bilt’s site. The Bilt Cash elements are also strange and there are a few more questions I have (namely, how much will features like a temporary status boost cost?).
At this time, as a current Bilt Mastercard holder, my plan it to just apply for the Bilt Blue card. Yet, I may not even bother trying to pay my mortgage with it. Instead, I’m curious about using it for everyday purchases and earning Bilt Cash that can then be redeemed on Bilt Travel. Then again, I hate that my earned Bilt Cash will expire at the end of the year — but it’s better than nothing.
If I didn’t already have some expensive annual fee cards, I might consider the Palladium for its 2x earnings and status. Meanwhile, despite the more modest annual fee, the Obsidian is a non-starter for me as I find the $50 semiannual credit that still requires a two-night stay to be a waste, honestly.
One thing’s for sure: these new Bilt 2.0 cards are sure to be controversial among fans. Will it pay off anyway? We’ll see.
Author
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