Bilt has announced program changes for 2027, including a new default housing earning rate, a new Bilt Cash expiration policy, and limits on hotel redemptions. Here's what's changing.
As much as I love Bilt for how many points I've earned and the useful transfer partners, I really gotta say wtf is going on? Do they enjoy confusing people every year?
I'm glad they at least corrected course here on the expiring B$, because otherwise, I was gonna have to take another Blade joy-ride just to use what I have before January. Bah!
@ Samar --- Keeping track of credit cards and loyalty programs is becoming a full time job, and not just for me. 😉
Agreed. I like(d) bilt because of 1:1 transfer to Emirates. However they are really making it hard to consider keeping them.
Is there a way to downgrade my card? I have the palladium but it is getting too complicated. Want to downgrade to the free card next year.
@ RC -- Reports online suggest that downgrades are possible by calling, though Bilt's official announcement just talks about upgrades being possible through the app.
I used the $200 hotel credit in combination with the $100 bilt cash hotel option on a single stay. It was a great use of bilt cash. Seeing that go away (well capped at $200 now) is disappointing.
@lucky Is this an exclusive? If so, congrats on the scoop, Ben! Hadn't received any emails/updates from them yet. VFTW, LALF, FM, DoC, TPG didn't even cover it yet. Bilt is still 'hella' complicated, but at least pleased with this: "Bilt Cash now expires at the end of the month, 12 months after it’s earned." Ideally, that's effective immediate, right? RIGHT? Phew. Otherwise, would've been brutal in Q4 for B$. Hyatt devaluation is still brutal (but others are doing it too; better than losing it like AA to Citi). Any ideas on November Rent day? (B6?)
@ 1990_ -- Hah, not an exclusive, I just published it right when the embargo lifted, while it seems others waited a bit. I don't know anything yet about the Bilt Rent Day, but JetBlue seems pretty likely, given how Bilt has historically had transfer bonuses with new partners.
@lucky -- Well done, either way! And, I know I've been a bit critical about these guys at times, but I'm actually quite pleased with the course correction on Bilt Cash expiration. May have to go to a Blade lounge (two free drinks for Bilt Platinum members) to celebrate. For those "not not scared of helicopters" that may be a way to 'experience' their service without actually flying. Bah!
Ben - Kudos for being the first (as always) to meaningfully and thoughtfully cover a change like this as soon as the embargo is lifted. The first thing I did after seeing Bilt's email in my inbox was come here, and I wasn't disappointed. I hope to hear some additional thoughts before the end of the year about how others might approach keeping/downgrading the Palladium card and whether to keep the 4% Bilt cash option if they keep it. But you clearly have your stuff together to get this thoughtful piece released with this timing. Thanks!
I'm curious as to how the hotel redemption thing is going to play out considering that e.g. I've only had the card for like six months (and the card has existed for less than a year).
If I had to guess, the hotel redemption option was a *major* source of cost leakage (since $300 could blow away a lot of two-night stays, seeing as it isn't constrained to HAFH hotels).
That said, the B$ expiry change is no big shock. That was setting up to be a mess.
I was planning on applying for the Pallladium in January (to avoid having the Bcash expire at the end of year). Should I apply now? I am not paying for housing with it and not interested in hotel credits.
@ Big_Jeff -- If the Bilt Cash expiration was the major consideration in waiting, then it seems like applying now would be the best bet, since I can't imagine anything will change for the better between now and next year.
Changing $200 Bilt Cash and 2, $200 hotel credits to $600 Bilt Cash is a major nerf for many given you can't redeem more than $100 for a hotel stay, it has to be 2 nights minimum, and now capped at twice per year. Comparing it to using on a mortgage or rent for points, I was getting $600 in hotel stays that were close to cash for me, or 15-20k in points that "technically" could be redeemed for more than 3-4cpp, but my guess is rarely in a situation where someone would have legitimately considered paying cash if they didn't have the points.
Probably enough for me to downgrade the Palladium at renewal.
@ BeeDazzle -- For what it's worth, Bilt clarified that if you choose to continue earning 4% Bilt Cash, then you still get the $200 semi-annual hotel credit, and can stack it with a $100 Bilt Cash credit.
If you go that route (keep earning 4% Bilt Cash), do you still get $600 Bilt cash at your Palladium anniversary? Seems like Bilt wouldn't allow that, as the $200 semi-annual hotel credits are being converted to $400 in BC, but I don't see that clarified anywhere. So many questions.....(I hope you do an FAQ/follow-up).
I don't understand this can Bilt cash still be redeemed to get points towards housing payments?
@ splane21 -- Yep, assuming you continue to earn Bilt Cash, it can still be used toward housing payments.
It looks like the $600 in Bilt cash for Palladium is only if you change to the "new" system and opt out of earning flexible Bilt cash. At least that is what I see in my account when I choose a method.
@ crash -- Thanks, just updated the post to reflect this. If you still choose to earn 4% Bilt Cash and have the Palladium, it continues to be possible to stack the $200 hotel credit with $100 in Bilt Cash.
I'm confused about this:
"New cardmembers will also have this option through December 31, 2026, though as of January 1, 2027, the 1.25x points will be the automatic earning rate."
Does that mean for anybody joining in 2027 or later that there will be no option to earn Bilt Cash?
@ hbcobra -- Correct, there won't be the option to earn 4% Bilt Cash on spending. There will be opportunity to earn Bilt Cash in some other ways, though.
@ben do you know what happens when you downgrade the Palladium to Obsidian card? Would you still be "grandfathered" into the Bilt cash system or would it change into the housing system?
I have said then like what I'm saying now.
Bilt and Cardless are untrustworthy and will backtrack and modify everything.
I'm surprised it took them this long to screw it's customer. Cardless alone would do it in a few months.
They have no clue what they're doing and just hoping something sticks.
What they don't realize is customers are savvy and will outsmart them all the time whatever changes they make. And if we can't, we just dump them.
Enjoy the Bilt gravy train before VC money runs out. And it looks like time is running out.
And Amex and Chase and Citi never make such changes. Look, change is the name of the game. No one likes it but it's the way it is. Improvise, adapt, and overcome.
Not every few months.
And definitely not at the program level affecting every cards everytime.
Look, they're much worse than their peers.
Just enjoy the benefits. It's not going to last long.
It probably won't make it through 2027.
I don't see how this isn't a clear net negative.
Bilt cash was actually quite lucrative at 4x per dollar and it's being cut down to... 0? it seems? And sure you get a lump of $600 but the old system of 4x per dollar + $200 annually + 2x hotel credits of $200 was far more rewarding.
I have to spend 75% of my monthly mortgage to be even with the bilt cash system of 2026, or just burn through $600 in bilt cash on mortgage payments and thereby eschew the hotel savings.
What benefit is there? I guess some of you guys seem to have more Bilt cash than you know what to do with (which is weird to me but whatever, different spending patterns) so you benefit from the rolling 12 month expiry. For me, this is a pure negative
Ben clarified in the comments that you can keep the old system in lieu of the $600 lump sum, so long as you sign up before the end of 2026.
Bilt seems determined to give everyone a heart attack every time they make an announcement by being unclear on everything.
Ah, the program where they make it up as they go along continues their exciting public beta test.
It was obvious they needed to solve the B$ expiration policy... at launch. And as Ben noted, they have now destroyed the ability to earn 4% (for new cardmembers after 1/1/27) when that was the entire basis of their program at launch. Obviously the "uh oh, this was too complicated so let's make a simpler version" they started to offer like, what, days after the original launch(?) was far more cost effective for the company - hence the now permanent change to that model.
Meanwhile, with B$ all expiring at year end, how were they able to convince anyone to get this card over the past few months? Maybe they'll have to have a juicier year end SUB to get anyone interested - so far they are just offering a stick (pulling half the point of this card as of year end). As if we can trust Bilt of all companies to keep that 4% grandfathered program around for more than another 6-12 months?
What a complete mess. The tectonic plates of the fundamentals of this program sure do like to shift. Meanwhile, as with all good things Bilt point related (if you can call earning points with Bilt a good thing), smoke 'em if you got 'em, folks.
B Cash expiration is amazing- basically means i can fit in 2 more mortgage payments before i downgrade in March! free points weee
I'm a little confused and as you pointed out, a program that is getting criticized for being too hard to understand should probably stop making changes every time people get used to it.
I'm not sure why Ben is so blase about changing the hotel credit to more Bilt cash. Based on my experience and my understanding of Ben's, there already isnt a great way to spend the Bilt cash we are already earning. Yes, the points accelerators are self replenishing, but assume you earn some extra bilt cash based on not reactiving the accelerators at the exact moment they runout and any spend above the cap (as welll as higher starting Bilt cash from the paladium hotel credit devaluation)... How does giving us more of a currency with limited redemption options help at the end of the day? If they are de-prioritizing Bilt cash and unlikely to add substantial new options, we are left with $10 walgreens coupon here and a $10 Lyft credit there, but are they ultimately trying to push us into redeeming on housing?
I have a million cards with hotel certificates/coupons so I'm as exhausted with prepaying for them with annual fees as anyone, but Bilt seems to have access to way more properties than Amex/Chase certs. I understand thats probably why its not profitable for Bilt, but its a pretty big devaluation.
Thank you, Bilt, for throwing in a bit more of complexity - I thought the previous rules were too simple for my liking.
Ah Bilt, I put up with you because you're super rewarding, but you're also super annoying.
I'd love a piece breaking down a pro and con list for the old vs new system. I'm pretty sure the old system is better, but I dread having to sit down and figure all this out (again).
With all these devaluations, are they going to still try to clawback the SUB if we cancel our cards before our "Anniversary Date"?