Link: Apply for a Bilt credit card, whether you’re a new or existing cardmember
Bilt has announced massive changes, including the introduction of three credit cards in partnership with Cardless, plus an all-new system for being rewarded for rent, which is based on the Bilt Cash currency.
Just about everything about Bilt is changing, for better or worse, and I covered all those details in a previous post. In this post, I’d like to share my personal strategy after having digested all of this information, including the card I decided on, how my application went, and my overall thoughts.
In this post:
Why I decided to “upgrade” to the Bilt Palladium Card
In the previous post, I covered the details of the three new Bilt credit cards, so I don’t want to go over all of that again. Long story short, I think the no annual fee Bilt Blue Card and $95 annual fee Bilt Obsidian Card are sort of non-starters, and it’s hard to get excited about them, especially compared to the old Bilt Card, and especially in comparison to the competitive landscape.
Meanwhile I think the $495 Bilt Palladium Card is the product that’s most worth considering. Why? For one, the card has a welcome bonus of 50,000 bonus points and Bilt Gold status after spending $4,000 within three first three months (on non-housing purchases), plus $300 Bilt Cash upon approval.
We’ve never seen a Bilt card have a formal welcome bonus before, and that’s absolutely worth taking advantage of, as the other two cards don’t offer any points with the bonus. At a minimum, the card is worth giving a try for a year.
Beyond that, what intrigues me about the card is simple — it offers 2x Bilt points on everyday spending, which is pretty incredible. Bilt points are super valuable, as they can be transfered to Alaska Atmos Rewards, World of Hyatt, and a variety of other programs.
While we’ve seen some transferable points cards offer 2x points, I think being able to earn Bilt points at that rate is incredible, and probably beats the other options.
The icing on the cake is that is that you’re earning 4% back in Bilt Cash on all your spending. While there are more questions than answers about alternative uses of Bilt Cash, on the most basic level, you can use that Bilt Cash to pay your rent or mortgage with no fee while earning points.
$3 in Bilt Cash is worth 100 Bilt points on your total rent or mortgage payments, at the rate of 1x points. That’s not exactly straightforward, so just to give an example (on the high side, for easy math), let’s say you spend $100,000 per year on the card:
- You’d earn 200,000 Bilt points, at the rate of 2x points per dollar spent
- You’d unlock the ability to make $133K(ish) in rent or mortgage payments annually on the card, earning 1x points at no fee
- You’d earn Bilt Platinum status, which gives you extra benefits, like some partner status perks, access to better Rent Day offers, etc.
If you spend a decent amount on credit cards, I think it’s hard to beat the combination of earning among the most valuable transferable points at the best rate possible, while that spending also unlocks the ability to earn points on your rent or mortgage.
At a minimum, I think this is worth giving a try, especially with the welcome bonus and easy transition. The challenge will be figuring out how to recoup the $495 annual fee over time. The card does offer a Priority Pass membership, plus up to $400 in Bilt portal hotel credits per year (a $200 credit semi-annually, each requiring a minimum two-night stay).
The restrictions on that hotel credit are potentially a little annoying, but at a minimum, I think the card is worth giving a try for a year. As I see it, there are lots of outstanding questions that haven’t yet been answered, and which will help me decide whether to keep the card beyond the first year:
- Will Bilt keep offering generous Rent Day transfer bonuses to travel partners, which make it a very compelling currency? For that matter, will Bilt keep all of its current transfer partners, and continue to allow points earning with Rakuten?
- Will Bilt let people pay taxes by credit card (for a fee) through other services, or try to add restrictions there, to limit spending? The updated terms suggest that tax payments aren’t considered “eligible purchases,” and I’m curious if that’s enforced, since that would make this one of the few cards that doesn’t reward tax payments
- How will Bilt Cash actually be redeemable beyond offsetting the fee for rent or mortgage payments, since that hasn’t been fully announced?
So yeah, I’m putting this card in the category of absolutely being worth trying, but it remains to be seen if it’s the best option in the long run, based on how things play out. I’m also curious to see how much I actually spend on the card in non-bonused categories, since that will determine how much of the annual fee I’m really recouping. I need to be able to spend a lot — and earn a lot of points — for the $495 annual fee to make sense.
My experience “applying” for the Bilt Palladium Card
As Bilt transitions from Wells Fargo to Cardless, existing cardmembers have the option for a seamless transition. The idea is that you’re supposed to “pre-order” your new card by January 30, 2026, so that you can transition to the product on February 7, 2026, when the card formally launches.
If you’re an existing cardmember, there’s no hard pull when you apply for the new card, and instead, there’s just a soft pull. So unless something absolutely drastic changed since your previous application, you’re supposed to also be approved for the new card. After all, your credit card number will even stay the same as you transition to the new product.
With that in mind, let me share my experience. After going to Bilt’s new credit card page, I logged into my account and clicked the “Apply now” button, and I could choose which card I wanted. I selected the Bilt Palladium Card.
I could then choose my card design, between brushed palladium or mirror finish palladium.
I was then asked to confirm the information I had provided to Wells Fargo in the past, including my monthly housing payment, income, etc.
I then submitted that information and found that I was approved, with a big credit line (though it was still about 30% smaller than my Wells Fargo credit line, which was oddly large). Keep in mind that with the transition to Cardless, your rent or mortgage payment no longer counts toward your credit line, so that gives a little more flexibility. I was asked if I wanted to accept the offer.
After accepting the offer, I was asked if I wanted to keep my Wells Fargo credit line open, which I didn’t want, so I clicked “Close it.”
Lastly, I was asked if I wanted to transfer my balance to my new card, and I said that I did.
All-in-all, I found it to be a straightforward process.
Bottom line
We’ve just seen the Bilt credit card portfolio change completely, along with a new system for being rewarded for rent and mortgages. If you are going to continue to be involved in the Bilt ecosystem, then I think the $495 annual fee Bilt Palladium Card is the obvious choice, assuming you spend a decent amount on your credit card, and on rent or mortgages.
It’s the only card with a substantial welcome bonus, and as I view it, that bonus more than covers the card’s annual fee for the first year. The biggest selling point of the card is that it earns 2x points on all spending, which I’d argue makes it one of the best cards out there for everyday spending, given the value of Bilt points.
However, there are a few unknowns here, so for now I’m simply viewing this as a card that I’m giving a try for a year, and then I’ll decide on my long term strategy based on how things play out.
How are you thinking about which Bilt card makes the most sense, and which did you decide on, if any?
Why not wait until we have a few more answers?
Speculation is fun and talk is cheap.
@ Grogg -- The card "pre-order" ends this month, while details like how Bilt Cash can be redeemed will only be announced next month. So while there may be a few more details in the coming days, I wouldn't expect we'll know meaningfully more.
So if the cutover date is Feb 7 can we still pay rent on Feb 1 using the Wells Fargo card and get 1x Bilt points one more time?
I see no reason why not!
YOLO.
@ mangoMan -- Absolutely!
Lucky, I had a question about why you closed the Wells Fargo line of credit? My understanding is that it would be the same fees as the current Bilt card (ie $0), so aren’t you better off keeping another account open to boost your score?
@ Andrew -- In theory there's merit to that for sure. The reality is that I have so many open credit cards, so much available credit, and such a low utilization rate, that it's not something I'm concerned about. I just don't want another card account to even worry about, if it gets me no additional value.
Any insights into the credibility of Cardless and whatever the underlying bank is? I feel like what's lost in all this is the possibility (reality?) that their customer service is not very good should you ever need it
Cardless is inept; don’t hoard points; earn ‘em and burn ‘em. Hope for the best, prepare for the worst. And when the time comes, smoke ‘em if you got ‘em…
The points are on Bilt's balance sheet, not Cardless. So Cardless's ineptness shouldn't factor into rational decision making.
The new Bilt is powered by Cardless, Fidem Financial and Column N.A., so lots of fintechs and points of failure, but your Bilt points are a liability of Bilt alone.
The points are on Bilt's balance sheet, not Cardless. So Cardless's ineptness shouldn't factor into rational decision making. Bilt's original issuer was Evolve and they were pretty inept too, but the points survived.
My credit limit was reduced from $60,000 to $35,000. Only negative I saw in a very seamless process
What’d you tell them to begin with? That you income is 7 or 8 figures?
Would it be possible for you do a refresh of the article on paying with the Alaska card? I think I may switch to this strategy
Would love to see that, too.
@ Ryan -- Yep, working on it, expect it tomorrow. :-)
Ben, is the shift to Cardless for you effective today, or still Feb 7? Why did you decide not to take the WF Autograph card? Can you update us in a few days about if it looks like a +1 to your 5/24? Any thoughts on the Bilt hotel portal?
Should be Feb 7.
As for hard pulls and 5/24s, I kept my credit frozen, selected Palladium, and no notice from any bureaus. Maybe it’ll update later, like in February.
Allll aaaboard… *crazy train*
@ Nate -- Switches on February 7. I decided not to take the WF Autograph because I just wouldn't use it much, and am not concerned about having extra available credit, so I just didn't want another account to keep an eye on. I'll report back regarding 5/24. :-) Haven't looked into the hotel portal too much, but I'll dig in a bit and report back.
What I just can't get over is how Bilt/Richard Kerr keep emphasizing "we've been working on this for the last year".. and then the answer to very basic questions is "TBD". I have two dozen cards across five issuers so I think I'm pretty knowledgable about how to use the benefits of most cards.
Bilt just unveiled the most convoluted product I've come across and seemingly don't have the most basic details worked out....
What I just can't get over is how Bilt/Richard Kerr keep emphasizing "we've been working on this for the last year".. and then the answer to very basic questions is "TBD". I have two dozen cards across five issuers so I think I'm pretty knowledgable about how to use the benefits of most cards.
Bilt just unveiled the most convoluted product I've come across and seemingly don't have the most basic details worked out. The answers to questions in the AMA contradict each other left and right. What can Bilt cash be used for? Are rent day purchases at 4x? Are tax payments allowed? Does the TPG offer stack? Wake me up when they figure out what they're offering.
For real. If you witnessed that bonkers Reddit AMA, it was a masterclass in schizophrenia.
You reference the ability to transfer points to AS program as a key point for you. While I suspect you spend enough to more than cover both their top tier card incentive and this (along with many others), if you had to choose between the Atmos card that if you spend $60K you get the 100K mileage credit or this one, which has some ties in with the AS program, which would you choose? I...
You reference the ability to transfer points to AS program as a key point for you. While I suspect you spend enough to more than cover both their top tier card incentive and this (along with many others), if you had to choose between the Atmos card that if you spend $60K you get the 100K mileage credit or this one, which has some ties in with the AS program, which would you choose? I am not certain on the ability to fully leverage the 100K mileage credit on AS, so not sure it is a great use of spend, but am also a fair ways toward achieving it. I would have to divert spending to achieve this card's bonus, which is doable with taxes, etc., but curious as to which way would be better to turn.
That Alaska 100K certificate is good as gold if you have a companion and a war chest of points already, especially if you identify a parter business or first class award, like I did recently with AA in F. YMMV.
@ David -- That's an excellent question! I think my answer would come down to how big of a mortgage or rent payment you're making, and therefore, how many points are on the table.
I guess one way to look at it is that $60K of spending on the Atmos Summit would earn you 60K-180K Atmos points (depending on bonus categories, probably on the lower end), plus the 100K certificate (which should be rebated somewhat...
@ David -- That's an excellent question! I think my answer would come down to how big of a mortgage or rent payment you're making, and therefore, how many points are on the table.
I guess one way to look at it is that $60K of spending on the Atmos Summit would earn you 60K-180K Atmos points (depending on bonus categories, probably on the lower end), plus the 100K certificate (which should be rebated somewhat in terms of valuation).
The alternative would be 120K Bilt points, plus up to 80K points for rent and mortgages (you're probably not spending that much, but it's a maximum).
So it's pretty close, it just comes down to how big your rent or mortgage is, and how much value you could get out of that 100K certificate.
One thing to be aware of with the Bilt 2.0 overhaul is that you are no longer 'charging rent/mortgage to a credit line in the traditional sense. Bilt acts as a pass-through: when you make your $4k+ housing payment, Bilt initiates an ACH debit directly from your linked bank account.
I know you’re just the messenger, but if that’s the case, why the heck are we being charged 3% to do it?
buying points essentially I made a spreadsheet to "make it work"
I guess that makes sense. Certainly excessively overpriced for just being a middleman for your ACH payment.
This part is wild and still needs further explanation. Feels like when Papa Bear O’Reilly lost it… ‘F-IT! WE’LL DO IT LIVE!!”
My experience was quite different. I am a platinum member and spend over $100k per year through the bilt card. Nonetheless i was "declined" for having three credit inquiries on my credit report (i bought my car when the lease was up and horror of horrors I shopped the loan). No reconsideration possible just a series of rather rude replies about how I could try again in 45 days if my financial situation improves. Called...
My experience was quite different. I am a platinum member and spend over $100k per year through the bilt card. Nonetheless i was "declined" for having three credit inquiries on my credit report (i bought my car when the lease was up and horror of horrors I shopped the loan). No reconsideration possible just a series of rather rude replies about how I could try again in 45 days if my financial situation improves. Called support told the same thing and no manager would be "willing" to assist me. Tried chat after over an hour a nice person named Jake told me it was "hopeless" and walked me thru how to switch rent payments to Atmos come March 1. I just got an email from Ankur Jain where he tells his team to figure out what is going on. From what i can see on reddit and FB denials are happening to anyone Cardless thinks "optimizes" their card usage. They clearly only want you if you fully commit. I appreciate Ankur responding but I suspect my bilt card days are over.
Wow, you got a VIP denial.
Does the change in CL for rent mean you can no longer float it and it just debits your bank account directly or it works as before but it just doesn't count towards your CL?
Do I need to unfreeze credit report when “applying” for the new Bilt card? I am a Bilt card holder.
I wish Singapore Airlines were a transfer partner. They partner with almost everyone else, so it seems a bit odd that they're missing from the list.
If the $200 twice-yearly hotel credit applied to AirBnBs, I'd go for it. But I don't usually stay at hotels.
Went with the Palladium as well. I’ll be replacing spend on my BB+ and VX with the Palladium, and they tripled my credit line for some reason. Don’t plan to use it for rent/mortgage as long as the Alaska partnership is maintained, so hopefully Bilt Cash will actually be useful for non-rent spend.
We think alike. Palladium is the best choice for those who play the game, don't mind coupon credits, can afford it. Like, even as is, I'll milk that card. Really hope the Alaska 3x remains (and Rakuten, and transfer to Hyatt, Alaska, United.) If they can do all that, stay alive for at least another year, I'll 'learn to stop worrying and love the (BILT).'
Welp I see that other outlets have said Bilt will not extend the Alaska partnership to mortgage (just rent only). That changes things for me with regards to using Bilt Cash. Got my hopes up.
I proceeded with Palladium and will churn it for a year; maybe still do Alaska Summit for rent, though. Feels like I’ve been out in the open ocean, 3 meter seas. Dizzy from all the change and excitement. I’m jacked… jacked to the tits!
Me too. I went with Palladium, with that spicy limited-edition mirror-finish, because, let's be honest, I'mm'a sucker for a 50K point SUB, and yet another Priority Pass membership. LOL.
Ben, please feel free to delete this comment, more a comment on the current unreal firehose from the Reddit AMA than promoting a competitor....
@1990 - I know how you (and I'm sure others) feel about TPG, and 100% not looking to promote them, but the AMA is going bonkers over the TPG sign-up link which claims you can get an additional 5x points on spend within the first 5 days up to $10k spend/50k...
Ben, please feel free to delete this comment, more a comment on the current unreal firehose from the Reddit AMA than promoting a competitor....
@1990 - I know how you (and I'm sure others) feel about TPG, and 100% not looking to promote them, but the AMA is going bonkers over the TPG sign-up link which claims you can get an additional 5x points on spend within the first 5 days up to $10k spend/50k points on top of the 50k sign up bonus. At first Kerr said they did not stack, and then he said it does and will try and fix the comment.
So I guess you can get up to 100k? But, wow... what a roll out. Some choicer words come to mind.
He also said Alaska deal is rent only, not mortgage. And also didn't have any information about car insurance going from primary to secondary - said Mastercard was changing the terms and he'd have to look into it?
This comment from Kerr was also unbelievable? "YES - unlimited rent and mortgage payments every month. I fully plan on using my Bilt Cash to pay my rent and my parents mortgage and having them venmo me so I can get more points."
WOW.
@Peter - no Alaska points for mortgage? That is a major disappointment.
I presume the TPG offer is for new card members (like if you’re new to BILT), not transitions (existing users selecting one), but, who knows. TPG supposedly invested in BILT, so, if they got a special deal or commission, good for them, but, yeah, they’re not my folks. If they’d bring back comments and at least match public best offers, I’d give them more attention. When they made us sign up for newsletters to view the second half of their posts, I was DONE.