The Bilt Credit Cards & Housing Rewards Launch: A Comprehensive Overview
Introduction
Bilt, a platform known for allowing users to earn points for paying rent without incurring fees, is undergoing significant changes. The platform is discontinuing its Wells Fargo credit card and transitioning to three Cardless credit cards. Additionally, the way members are rewarded for paying rent is also changing.
New System for Awarding Points for Rent & Mortgages
The new system requires users to spend an average of 75% of their rent or mortgage amount on the card to earn 1x points. This is a significant departure from the old system, where users could earn 1x points on up to $50,000 in rent spending per year by making five transactions per billing cycle.
To address this, Bilt has introduced Bilt Cash, a Bilt-specific rewards currency. Users can earn 4% in Bilt Cash on spending, which can be used to fund rent and mortgage payments. The ratio of Bilt Cash to points is 4:3, meaning $3 in Bilt Cash is worth 100 Bilt points.
Details of the Three New Bilt Cardless Credit Cards
Bilt is offering three Cardless credit cards with different price points:
- No annual fee Bilt Blue Card: The most basic card, offering access to earn rewards for rent and mortgage payments without many frills.
- $95 annual fee Bilt Obsidian Card: The mid-range card, offering expanded spending multipliers and a travel portal credit.
- $495 annual fee Bilt Palladium Card: The most premium card, offering an unrivaled return on everyday spending, including a welcome bonus, points on everyday spending, a travel portal hotel credit, and a Priority Pass membership.
Transitioning from Wells Fargo to Cardless
Bilt is transitioning from Wells Fargo to Cardless, and existing cardholders are being moved to the new platform with no hard credit inquiries. Users can choose to keep their Wells Fargo account open, but it will become the Autograph Visa card with a different card number.
My Take on the Changes
The changes are significant, and the new system is a complete departure from the old one. The average consumer, especially those who aren't huge credit card spenders, may find the changes negative. The new no-annual-fee card is less rewarding, and users need to spend more to earn rewards.
However, the $495 annual fee Bilt Palladium Card is a compelling option, offering a welcome bonus, points on everyday spending, and a travel portal hotel credit. The card is a good choice for big spenders with large rent or mortgage payments.
Conclusion
The Bilt credit card portfolio is transitioning from Wells Fargo to Cardless, and the changes are significant. Users can earn points for rent and mortgage payments, but they need to spend more to earn rewards. The new cards offer different benefits, and the Bilt Palladium Card is a compelling option for those who want to maximize their value.
