NEW YORK — Bilt, the loyalty and payments company best known for letting renters earn rewards on their monthly rent, has clarified and simplified the details around its new offerings as it expands its credit card lineup and rewards system as it moves into mortgage payments, also announcing it has simplified a rewards program a New York Times review had called the “most complicated we’ve ever seen.”
As the CU Daily also reported recently, Bilt took advantage of President Trump’s call for a 10% cap on card APRs by announcing a temporary 10% interest-rate cap on new purchases for the first year.
The company announced three new credit cards — Bilt Palladium, Bilt Obsidian and Bilt Blue — alongside a new rewards structure that allows both renters and homeowners to earn points on housing payments without charging those payments directly to a credit card.
The changes, which take effect Feb. 7, mark Bilt’s biggest expansion since its launch in 2021 and position the company as a broader loyalty platform rather than a traditional credit card issuer, according to spokesperson Peg Alizarisray.
The 3 New Cards
Bilt’s new lineup spans the full range of the credit card market:
- Bilt Palladium: A premium card with a $495 annual fee, aimed squarely at competitors such as Chase Sapphire Reserve and Capital One Venture X.
- Bilt Obsidian: A mid-tier card with a $95 annual fee, offering 3 points per dollar on dining and groceries (up to $25,000 annually), 2 points on travel, and 1 point on all other purchases.
- Bilt Blue: A no-annual-fee card that earns 1 point per dollar on spending.
All three cards integrate with Bilt’s broader rewards ecosystem, which includes travel partners such as United Airlines and local merchants.
How Housing Payments Earn Rewards
Bilt does not charge rent or mortgage payments directly to the credit card. Instead, it acts as a bill-pay platform, pulling housing payments directly from a linked bank account and sending them to landlords or mortgage servicers. That means housing payments do not accrue interest or count against a cardholder’s credit limit.
Cardholders can earn up to 1.25 points per dollar on rent, mortgage or qualifying housing-related payments, depending on monthly payment amounts and which rewards option they choose.
Complex Rewards System Gets Overhaul
Bilt now uses two rewards currencies:
- Bilt Points, which can be transferred to airline partners or redeemed for travel and experiences.
- Bilt Cash, a new option that functions like store credit within Bilt’s network of local merchants and partners.
Up to 4% Cash Back
Under one option, cardholders earn 4% back in Bilt cash on everyday spending, which can later be converted into points earned on housing payments. Under an alternative option — introduced after customer confusion — users earn points directly on housing payments but give up Bilt cash on everyday spending.
Bilt founder Ankur Jain said the company’s goal is to become a “commerce platform for where you live,” allowing users to earn rewards even without a Bilt credit card by linking existing debit or credit cards to the system.
The expansion into mortgages is intended to attract higher-income homeowners and keep them engaged in Bilt’s ecosystem, competing with large card issuers such as Chase and American Express.
Still, Jain acknowledged customer confusion around the rollout and said the company is making changes to simplify the experience after early backlash.
