The New Bilt 2.0 Cards: Everything Changed – Is It Still Worth It?

Bilt just launched three new cards (Blue, Obsidian, and Palladium) with a groundbreaking feature: for the first time ever, you can earn points on mortgage payments. No cap, no transaction fees, and you can mix mortgages and rent on any card.

So why is everyone furious?

The backlash was so swift and intense that Bilt had to simplify their earnings structure within days. But is it enough? Let's break down what changed, who wins, who loses, and whether you should get a Bilt 2.0 card.

The Big Problem: It Got Complicated Overnight

Bilt 1.0 (The Good Old Days)

  • Pay rent: Get 1,000 points
  • Swipe card 5 times/month (any amount): Points unlocked
  • Done. Simple. Beautiful.

Bilt 2.0 (The New Reality)

To earn points on housing, you now have two options:

Option A (Points Path):

  • Spend up to 100% of your housing payment as non-housing spend
  • Earn up to 1.25x points on housing (scaled by your spend)

Option B (Cash Back Path):

  • Earn 4% Bilt Cash on all purchases
  • Convert Bilt Cash to points at ratio of $3 → 100 points
  • Earn up to 1x points on housing

Let's Make This Concrete

Assume $1,000 monthly rent:

Bilt 1.0

  • Swipe card 5 times (buy 5 bananas separately)
  • Get 1,000 points
  • Never touch card again

Bilt 2.0 – Option A (Points)

Non-Housing Spend Points Earned $0 0 $250 500 $500 750 $750 1,000 $1,000 1,250

Bilt 2.0 – Option B (Cash Back)

Non-Housing Spend Bilt Cash Points Earned $0 $0 0 $325 $13 500 $750 $30 1,000

Why Did Bilt Do This?

Simple: Economics.

Wells Fargo was reportedly losing millions on the Bilt portfolio. Why?

  • Most users paid in full (no interest charges)
  • Users only spent 5x bananas on the card (no merchant transaction fees)
  • Bilt was subsidizing rent points at a loss

The 2.0 cards require engagement and spend to make the product sustainable. Bilt needs profitable customers.

Who Loses?

Group 1: Bilt 1.0 "Banana Swipers"

If you got the card, swiped 5 times, collected rent points, and never touched it again—you got crushed. This update was designed specifically to make your behavior unprofitable for you.

Group 2: Low Spenders

If you can't hit the spend thresholds, you'll get partial points at best. The days of full points for minimal effort are gone.

Group 3: Churners

If you're constantly chasing sign-up bonuses on other cards, you can't put spend on Bilt. This card now conflicts with that strategy.

Who Wins?

Group 1: Mortgage Holders (BIG WINNERS)

Before Bilt 2.0, there was zero way to earn points on mortgage payments without transaction fees. Now:

  • No transaction fees
  • No cap on points
  • Works for any mortgage lender

Biggest winners: Real estate investors, parents paying kid's rent, anyone with multiple properties.

Group 2: High Spenders

The more you spend on the card, the more housing points you unlock. High earners can rack up massive points.

Example from FatFire subreddit: One user calculated they could earn over 600,000 Bilt points annually based on their spend.

Group 3: Bilt & Cardless

They're acquiring more profitable customers who actually use the card for everyday spend.

The One-Sentence Takeaway

"I hate how complicated Bilt made housing points, but if you spend any money outside housing, there's only upside potential with minimal downside by using Bilt."

But is there really no downside?

The "downside" is not getting housing points if you don't spend on the card. But ask yourself: Did you have those points before? No. Only Bilt (and briefly, the now-bankrupt Mesa) ever offered this.

The Bilt Palladium: My Deep Dive

I pre-ordered the Bilt Palladium ($495/year). Here's the full breakdown:

Sign-Up Bonus (FIRST TIME EVER)

  • 50,000 points after $4,000/3 months
  • Gold Elite status for one year
  • $300 Bilt Cash (redeemable for Lyft, hotels, fitness classes, etc.)

Note: Bilt has never offered a sign-up bonus before. These go sooner than later.

Earnings

  • 2x on all purchases (simple, matches Venture X)
  • Housing options as described above

Pro Tip: Stack with Rove Miles

Use Bilt's 2x + Rove Miles (travel portal) for up to 50–60x on some hotel bookings. Rove miles transfer to partners like Lufthansa—where you can fly to Europe for 88 miles.

Bonus: Get 1,500 Rove miles free with my link (vs. public 500).

Housing Payment Mechanism

Three ways to pay:

  1. Bilt app directly
  2. Native integration with landlord/mortgage site
  3. Bilt cuts a check (Venmo/PayPal also work)

No transaction fees. Bank account linked for payment.

Credit Utilization Note: Bilt 1.0 charged rent to your credit limit (bad for credit scores). Bilt 2.0 defaults to bank account draft. They're working on a option to use credit limit again, but personally—don't do that. 50–80% utilization kills your credit score.

The Math: Option A vs. Option B

Which path should you choose?

Option A (Points Path) is better if:

  • You want transferable points (Alaska Airlines, etc.)
  • You value points > cash back
  • Your non-housing spend is consistent

Option B (Cash Back Path) is better if:

  • You prefer cash in hand
  • You want simplicity
  • Your non-housing spend varies

You can switch between options monthly. Test both.

My Verdict: Should YOU Get a Bilt 2.0 Card?

Get Bilt 2.0 IF:

  • You have a mortgage (this is your only option to earn points on it)
  • You're a high spender who can hit the thresholds
  • You'll use it as your everyday card anyway
  • You want Alaska Airlines transfer partner (exclusive)

AVOID Bilt 2.0 IF:

  • You're a Bilt 1.0 "banana swiper" (you're getting screwed)
  • You can't put meaningful spend on the card
  • You hate complicated math
  • You're happy with your current setup

For Bilt 1.0 Users Feeling Screwed:

Vote with your wallet. Don't give Bilt more business. Alternatives exist:

| Instead of Bilt Obsidian | Get Chase Sapphire Preferred (3x dining, 2x travel) |
| Instead of Bilt Palladium | Get Capital One Venture X (2x everywhere, simpler) |

Yes, you lose housing points. But you also lose the headache. And remember: Nobody earned housing points in 2022, and we were all fine.

The Bottom Line

Bilt 2.0 is a fundamentally different product than Bilt 1.0. For mortgage holders and heavy spenders, it's a game-changer. For casual users who just wanted free rent points, it's a disappointment.

The question isn't "Is this fair?" (it's not for 1.0 users). The question is: Is some housing points better than zero housing points?

Only you can answer that.

Check the description for Bilt Palladium pre-order links (including that first-ever sign-up bonus) and the exclusive 1,500 Rove Miles offer.

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