Deep Dive on Bilt Rewards and New Bilt 2.0 Cards

Summary of Deep Dive on Bilt Rewards and New Bilt 2.0 Cards

by Chris Hutchins

1h 15m•February 4, 2026
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Overview of Deep Dive on Bilt Rewards and New Bilt 2.0 Cards

Chris Hutchins walks through the entire Bilt ecosystem (transfer partners, earning without a card, the three new Bilt 2.0 cards, Bilt Cash, status tiers, and the two housing‑payment earning methods). He argues Bilt points are unusually valuable because of the transfer network and generous transfer bonuses, explains how the new cards change rent/mortgage earnings (and why it’s confusing), and gives practical guidance about which card and earning option will likely make sense for different people.

Key takeaways

  • Bilt points are unusually valuable due to a broad set of one‑to‑one transfer partners (Hyatt, United, Alaska, Japan Airlines, Avios/Cathay/Emirates/etc.) and frequent large transfer bonuses (sometimes up to 100% and occasionally more). Points don’t expire.
  • Bilt offers many ways to earn points without holding a Bilt card (neighborhood dining, Lyft link, Walgreens, fitness partners, Rakuten transfers, brokerage/home purchases, alliance properties, etc.).
  • New Bilt card lineup (Blue, Obsidian, Palladium) changes how rent/mortgage rewards work; there are two alternative housing earning methods you pick each statement cycle — this is the main complexity.
  • Bilt Cash (a secondary currency) is earned and redeemable for a variety of perks and can be used to “buy” / unlock housing points or accelerate points. Its practical value is lower than face value when comparing tradeoffs.
  • If you pay rent or mortgage, Bilt often becomes the highest‑earning option when you combine card multipliers + housing multipliers, but you must pick the right card and housing option for your spending pattern.

Why Bilt points are valuable

  • Transfer partner lineup rivals or beats most transferrable currencies (20 airline partners tied with Capital One, plus Hyatt on hotels). Many partners are one‑to‑one and include highly useful ones (Hyatt, United, Alaska, JAL), and Bilt sometimes offers large transfer bonuses (many months have bonuses; historically substantial).
  • Bilt travel portal: 1.25¢/point for bookings (direct booking option for some flights, and a portal 1x airline bonus when booking direct).
  • Points never expire.
  • You can earn points through many non‑card methods (neighborhood program, Rakuten transfers, Lyft, Walgreens, fitness/parking/GoPuff partnerships, buying a home through partner broker).

Earning Bilt points without a Bilt card (high‑value / common options)

  • Neighborhood dining program: 2–10x at participating local restaurants by linking any card.
  • Walgreens: 1x on everything, 2x on Walgreens products, 100 points per prescription refill (up to 26/year).
  • Lyft link: +2x on Lyft rides.
  • Fitness partners: +2–3x at partners (Barry’s, SoulCycle, Rumble, CorePower), with occasional promos.
  • Travel portal: +2x hotels, +1x flights; direct booking benefits.
  • Rakuten partnership: cash‑back can be paid out into Bilt points (1 built point per cent of Rakuten cash back); quarterly payouts; useful when Bilt status is unlocked.
  • Home purchases via partner broker: 1 point per $2 on home price (large but only applicable if using partner).
  • Rent/mortgage payments through Bilt: two new earning options (covered below).

Redemption options and typical values (practical perspective)

  • Transfer to airlines/hotels: often 1.5–2¢/point or higher during transfer bonuses — top value use.
  • Travel portal: 1.25¢/point (good simple option).
  • Student loan payoff: ~1¢/point.
  • Rent/statement credit: ~0.55¢/point (poor value — generally avoid).
  • Gift cards / Amazon / Lyft direct redemptions: ~0.7¢/point (poor).
  • Built Collection shop: uneven value (usually poor).
  • Built Cash: secondary currency with many redemption options (see next). Practical purchasing value tends to be materially less than face value depending on how you use it.

Status (tiers) — how to earn and why it matters

  • Two parallel paths to status: points earned (includes most point sources) or dollars spent on Bilt card/linked cards. Whichever you hit first applies.
    • Silver: 50,000 points or $10,000 spend
    • Gold: 125,000 points or $25,000 spend
    • Platinum: 200,000 points or $50,000 spend
  • Practical benefits: higher transfer bonus tiers on Rent Day promotions, one‑to‑one Rakuten transfers (status required), lower transfer minimums, some hotel perks and other credits. The most critical benefit is larger transfer bonuses.

Bilt Cash — what it is and how to think about it

  • Bilt Cash = a dollar‑denominated secondary currency. You earn built cash from:
    • Option 2 on housing (4% back), card welcome/annual Bilt Cash bonuses, and milestone payouts: every 25,000 Bilt points earned → $50 Bilt Cash.
  • Bilt Cash can be used to:
    • Unlock housing points (buy points for rent/mortgage)
    • Activate “point accelerators” (e.g., $200 Bilt Cash → +1x points on next $5k spend; limited uses/year)
    • Credits for dining, fitness, GoPuff, Blade, Blacklane, hotel boosts, Lyft credits, etc.
    • Get increased transfer bonuses or other perks on Rent Day (examples given in promos)
  • Practical valuation: Chris treats Bilt Cash conservatively — roughly ~1/3 of stated dollar value for tradeoff decisions (because not every redemption is equally valuable or available to everyone). So $100 Bilt Cash is often practically worth far less for typical users when deciding whether to “buy” points or benefits with it.

Bilt cards (new 2.0 lineup — quick comparison)

  • Blue (no annual fee)
    • AF: $0
    • Earn: 1x on everything (housing mechanics shared across cards)
    • Benefits: World Elite MasterCard basics, cell phone protection, purchase assurance
    • Welcome offer: Bilt Cash (example $100 Bilt Cash at launch)
    • Best if: you want to be in the ecosystem without an AF; not compelling if you want high earning
  • Obsidian (mid tier)
    • AF: $95
    • Earn: 1x non‑bonus, 2x travel, 3x dining (grocery 3x capped at $25k/yr)
    • Welcome offer: $200 Bilt Cash (low face value in practice)
    • Benefits: $50 twice‑a‑year hotel credit (2‑night minimum), trip protections, extended warranty
    • Best if: you spend plenty on dining/groceries and want a modest AF card inside the Bilt system
  • Palladium (premium — most interesting for many)
    • AF: $495
    • Earn: 2x on most spend (some exclusions: gift cards, tax payments, crypto, gambling listed)
    • Welcome offer: 50,000 Bilt points + gold status after $4k in 3 months + $300 Bilt Cash
    • Ongoing: $200 Bilt Cash annually; Priority Pass; MasterCard World Legend benefits; $200 twice‑a‑year hotel credit (2‑night min)
    • Why it’s compelling: 2x baseline + sizable welcome points/status/Bilt Cash combine with housing multipliers to create a card that effectively earns ~3.1–3.3x on most spend (up to the amount of your housing payments), which is extremely strong compared to the market.
    • Best if: you can justify the AF in year one because of the rich welcome package (Chris argues Palladium is the most attractive for year one for many people).

Housing‑payment earning: the confusing core (two options)

You must pick between two options each statement cycle. You can change monthly; it takes effect next cycle.

  1. Option 1 — Percentage‑of‑housing tiers (no Bilt Cash earned on those purchases)
  • You do NOT earn 4% Bilt Cash. Instead your housing payment rewards are tied to the percent of your housing payment you charge that billing cycle. Thresholds exist (25%, 50%, 75%, 100%) and give increasing point multipliers on the housing payment, which effectively add extra points across card spend up to that cap.
  • Practical result: If you consistently charge your full housing payment to the card, you can reach up to 1.25x on your housing payment — and combined with a 2x Palladium baseline that can produce ~3.25x on all spend (up to your housing amount). This is best when your monthly card spend is stable and you hit the thresholds.
  1. Option 2 — Earn 4% Bilt Cash, then redeem Bilt Cash to buy/unlock housing points
  • You earn 4% Bilt Cash on card spend. You must spend Bilt Cash to unlock housing points each month (the app gives the options and amounts). Example framing: you can spend Bilt Cash to convert to points to cover your housing points requirement.
  • Practical advantages: you can bank Bilt Cash when you have heavy spending months and use it to unlock housing points during lean months; this helps if your monthly spend is variable or you want flexibility to save Bilt Cash for other redemptions (point accelerators, Blade/Blacklane, dining credits, etc).
  • Tradeoffs: Bilt Cash is not perfectly liquid/valueful for all users; you have to decide whether to use it to buy points or for other benefits.

Which is better?

  • If you consistently put ~25% of your housing payment on card and not much more, Option 1 tends to give higher ROI.
  • If you have high card spend relative to housing (or variable monthly spend), Option 2 is often better because you bank Bilt Cash and can use it strategically (and the point accelerator is powerful).
  • In many modeled scenarios the two options are within ~5% of each other — the differences matter most around certain thresholds (25% and 75%) or if spending is lumpy/variable.
  • Chris’s practical recommendation: if your spend is variable or you don’t want to micro‑manage thresholds, start with Option 2 (4% Bilt Cash), earn built cash, use point accelerator(s) / desired redemptions, then switch to Option 1 as needed.

Concrete examples (illustrative)

  • $4,000 rent + Palladium + charge $4,000/month: Option 1 → 1.25x housing = card effectively ≈ 3.25x on full $4k monthly spend (very strong).
  • $4,000 rent + you charge $3,000/month: Option 2 can be better because 4% Bilt Cash on $3k → $120 Bilt Cash, which can be used to unlock full housing points; gives more flexibility if you want to bank cash for accelerators or blade/credits.
  • There’s a point accelerator: $200 Bilt Cash → +1x on next $5k spend (works only under the 4% option months); limited uses/year (e.g., up to 5x). This is one of the highest‑value Bilt Cash redemptions for many users.

Practical recommendations — which card & which housing option

  • If you pay rent/mortgage and you can use the welcome package: Palladium is the most compelling for year one (50k points + gold + $300 Bilt Cash + strong earning + hotel credits). For many people, the Palladium first‑year value offsets its $495 AF.
  • If you spend mostly on dining or groceries and want a lower AF, Obsidian ($95) is competitive (3x dining, 2x travel).
  • Blue (no AF) is mainly for those who want access to the ecosystem but don’t want to pay a fee — not competitive for high earners.
  • Pick housing option based on your spending profile:
    • Stable monthly spend close to your housing amount: Option 1 can maximize points and is easier for consistent high earners.
    • Variable / high non‑housing spend relative to housing: Option 2 (4% Bilt Cash) is more flexible; use Bilt Cash for accelerators and targeted redemptions.
  • Use Rakuten + Bilt: Rakuten → Bilt transfers (or to Amex if you prefer) are very valuable — use Rakuten shopping and route payouts to Bilt if you plan to use Bilt rewards and you have status when required.
  • Prioritize using points for transfers during transfer‑bonus windows or via the travel portal (1.25¢/pt) rather than statement/rent credits (poor value).

Notable cautions & practical notes

  • The system is complicated: monthly thresholds are tied to billing cycles (not calendar month) and you must track choices each cycle. Bilt allows changing option each statement cycle.
  • Built/Bilt promotions change frequently; keep an eye on Rent Day promos and transfer bonus announcements (they often give several days' notice).
  • Bilt Cash expirations: much Bilt Cash expires at year‑end (most of it aside from a small portion), so plan year‑end redemptions.
  • Many redemptions/benefits are metro‑dependent (Blade, certain dining/experiences, Blacklane, etc.) — not everyone will get equal value.

Quick action checklist

  • If you have no card but pay rent/mortgage and want premium value: consider Palladium for year one because of the welcome package.
  • If you don’t want to track monthly thresholds or have variable spend: start with Option 2 (4% Bilt Cash).
  • Sign up for Rakuten (use cash‑back shopping) and choose Bilt as a payout destination if you use Bilt and have status when required.
  • Use the Bilt travel portal for simple redemptions (1.25¢/pt) or watch for transfer bonuses to move points to airlines/hotels (often best value).
  • Keep an eye on Rent Day announcements; consider saving built cash for point accelerators and high‑value credits (Blade/Blacklane/restaurant credits) rather than trivial small‑value monthly credits.

Host’s overall view

Chris is enthusiastic: Bilt points + transfer partners + transfer bonuses make the currency one of the most valuable transferable rewards out there. He’s frustrated by the complexity and wants Bilt to simplify the housing rewards mechanics — but he still plans to maximize earnings given the outsized returns available today (while acknowledging Bilt has changed things rapidly and may continue to do so).

If you want the concise recommendation: if you pay rent/mortgage and can use the Palladium welcome package, it’s likely your best one‑year play. If you prefer simplicity or low/no AF, Obsidian or Blue may fit—but study the housing option math carefully based on your monthly spend pattern.