We know that Bilt will be launching three new credit cards in the near future, in partnership with Cardless. This follows Bilt and Wells Fargo cutting ties, as Wells Fargo was reportedly losing a lot of money on the partnership.
We know that Bilt plans to open “pre-order” for its new cards as of January 14, 2026, with the plan being for the new cards to formally launch as of February 7, 2026. As you’d expect, there’s a lot of interest in what these cards will look like, and in particular, how rent payments will be rewarded, since that’s a key part of the value proposition.
Along those lines, there are some interesting leaked details and rumors that are swirling…
In this post:
Rumored Bilt Card 2.0 details… could they be accurate?
Bilt really hasn’t done a great job controlling the narrative around the launch and benefits of the new card portfolio, when you consider that initially the card details were supposed to be announced last fall, instead of just a few weeks before the card actually launches. So this has caused a lot of speculation online.
A Reddit user shares reported details about what Bilt’s new card portfolio will look like, based on looking at code on Bilt’s website. Crucially, this actually doesn’t directly address how rent will be rewarded. The theory is that cardmembers will essentially “pay” the 3% fee on rent payments (which Bilt charges if paying with non-Bilt cards), but can offset that using Bilt Cash. Here are the reported details, based on the code:
Bilt Blue Card
Annual fee: $0
Welcome bonus: $100 Bilt Cash
Rewards: 4% Bilt Cash on everyday spend, 1X points on rent, mortgage, and everyday spend
Benefits: No foreign transaction fees, Neighborhood Benefits program, use Bilt Cash to waive rent and mortgage transaction feesBilt Obsidian Card
Annual fee: $95
Welcome bonus: $200 Bilt Cash
Rewards: 4% Bilt Cash on everyday spend, 3X points on dining or grocery (choice of one; grocery up to $25K/year), 2X points on travel, 1X points on rent, mortgage, and everyday spend
Benefits: $100 Bilt Travel hotel credit ($50 every six months), Cellular Telephone Protection, use Bilt Cash to waive rent and mortgage transaction feesBilt Palladium Card
Annual fee: $495
Welcome bonus: 50,000 Bilt Points + Gold Status (after $4,000 spend in first 3 months), $300 Bilt Cash
Rewards: 4% Bilt Cash on everyday spend, 2X points on everyday spend, 1X points on rent and mortgage
Benefits: $400 Bilt Travel hotel credit ($200 every six months), $200 Bilt Cash annually, Priority Pass, use Bilt Cash to waive rent and mortgage transaction fees
This user explains that they believe the above version is correct, since Obsidian and Palladium are listed everywhere in the code. However, they also point out that there seems to be some other cards in the code, with different names, so in the interest of being thorough, here are those details:
Bilt Home ($0)
- 0.5X Rent
- 1X Everything else
- 10 transactions to waive fee
Bilt Everyday ($95)
- 0.75X Rent
- 3X Neighborhood Rewards Spend
- 1.5X Everything else
- 10 transactions to waive fee
Bilt Neighborhood ($495)
- 1X rent
- 3X Dining
- 2X Travel
- 6X Neighborhood Rewards spend
- 10 transactions to waive fee
Version 3
Bilt Home ($0)
- 0.5X Rent
- 1.5X Everything else
- Spend $1,000 in a statement to waive transaction fees on rent and mortgage
Bilt Titanium ($95)
- 1X points on rent
- 5X points on Neighborhood Rewards spend
- 1X points on all spend
- Spend $2,000 in a statement to waive transaction fees on rent and mortgage
Bilt Platinum Card ($495)
- 1.25X points on rent
- 2X points on dining
- 5X points on travel
- 2X points on Neighborhood Rewards spend
- Spend $2,500 in a statement to waive transaction fees on rent and mortgage
My take on these potential Bilt Card 2.0 details
Of course let me caution that the above are just rumors, and it’s anyone’s guess what the actual details of the card portfolio look like. We know that Bilt has committed to continuing to award points for paying rent, even on the no annual fee product. However, the company has stopped short of sharing at what rate points will be earned, and what the requirements will be to unlock points earning.
What made the Bilt and Wells Fargo partnership so lucrative for consumers but so unprofitable for Wells Fargo was how the rewards were structured. In order to earn one point per dollar spent on rent, you had to have at least five transactions per billing cycle.
The hope was that this would cause people to shift a lot of their spending to the Bilt Card, and put the card at the front of their wallets. In reality, many people simply made five small purchases per billing cycle, and then earned thousands of points on their rent.
I think it was a given that the underlying economics of the rewards structure had to change. The question is, how can Bilt continue to keep its card portfolio lucrative, while encouraging people to spend more on cards?
So it seems that the concept here is that you earn 4% Bilt Cash on all spending (in addition to rewards), which can be used to offset the (likely) 3% fee for paying by credit card. So the idea is that you need to spend at least 75% as much on the card each billing cycle as the amount you spend on rent.
In other words, if your rent is $4,000 per month, you’d need to spend at least $3,000 per billing cycle on the card to cover the cost of that payment. That would certainly change the economics of the card, though it could still be lucrative.
The issue is the general credit card fatigue that people have. How many travel portal hotel credits do you really want per year? How many credit cards do you want to focus on maximizing every billing cycle? The other thing that stands out to me is that this all just seems very complex. Then again, I guess that has also become pretty normal for credit cards nowadays.
Bottom line
While we’ll see how this plays out, we have some rumored details about what the new Bilt Card 2.0 card portfolio could look like. The cards could have annual fees of $0, $95, and $495, with a variety of predictable perks that could offset the fees.
Of course the big question involves rewards for rent payments. If these details are to be believed, you’ll have to spend around 75% of your rent amount on the card each billing cycle in order to be able to pay your rent with no fee. That’s certainly much less lucrative than the current setup, but also not a surprising direction to see, given that the old economics aren’t sustainable.
What do you make of these rumored Bilt Card 2.0 details?
If first one true
1x everything
4% BILT cash
No go for me if rent 2k
Why would I spend 1500 at 1x everything to off set a 60$ fee
3500 BILT point total
Or
When I can be getting 3-5x the 1500 in first place and not worry about a fee minimum spend etc.
4500-6000 points else where
The big question is about the redemption. Earning Bilt cash or points has no value until we know about the redemption.
we need to know that before even thinking about this anymore
This product isn't for me but i'm intrigued so ahve been following... but if this is accurate seems to be much more valuable to put rent on a card that gives 2x points and pay the fee and call it a day. This is way too complicated to be valuable in my opinion
I was one of the few spending more than my rent on rent day to get 2X points. When they dropped the cap to $1000, I did 5 small transactions a month like everyone else. Clearly management had no idea whether to encourage non rent use or not. They have a valuable portfolio of customers they are about to lose. Maybe they will get small businesses if they allow office rent since they likely have...
I was one of the few spending more than my rent on rent day to get 2X points. When they dropped the cap to $1000, I did 5 small transactions a month like everyone else. Clearly management had no idea whether to encourage non rent use or not. They have a valuable portfolio of customers they are about to lose. Maybe they will get small businesses if they allow office rent since they likely have large enough expenses to put on the card but those customers are less likely to have a revolving balance. Bye bye Bilt.
I did the same as you. Now, though, with the Palladium I could earn 2x any day of the month without breaking my neck to shove expenses onto the first of the month. 2x was good then so really even better now? AND earn 4x Bilt Cash that I can apply towards dining & hotel stays that would come in handy to stack with the card’s $400 hotel credits. The hotel credits + $200 Bilt...
I did the same as you. Now, though, with the Palladium I could earn 2x any day of the month without breaking my neck to shove expenses onto the first of the month. 2x was good then so really even better now? AND earn 4x Bilt Cash that I can apply towards dining & hotel stays that would come in handy to stack with the card’s $400 hotel credits. The hotel credits + $200 Bilt Cash more than pay for the fee, the extra .04 Cash could really add up with a lot of non-bonus spend. It has to be used up by year-end, though, yet something else to track. The new card’s a big hassle but hey that’s all I’ve been dealing with for 6 months now anyway, get in line behind Chase; Citi; & AMEX.
Pam, you’re really ‘sold’ on BILT 2.0, I can tell. You’re one of the very few…
This sounds about as appealing as your Omakase in Tokyo serving MILT. We have a huge mortgage, so I was initially excited and kept the card, but this gamesmanship is too much work.
If the obsidian ends up being real I’ll probably switch from chase to Bilt. I get what everyone’s saying about there being better options for these categories, but a card with a similar setup to sapphire preferred that can transfer to Hyatt and Alaska is actually not a bad card if you’re west coast based.
I have a dumb question.
If this information is accurate and you go for the high AF card would you earn 2x everyday spend in Bilt points AND Bilt cash you could use to offset the fees associated with paying your rent or mortgage or do you have to choose to earn either Bilt points OR Bilt Cash?
No one knows yet. 7 more days. January 14 will be official details. Supposedly.
That said, I'd guess that BILT CASH will be far more limited; they're not trying to give you a windfall; they're trying to make actual money, since Wells Fargo is no longer going to be their sugar daddy.
I meant what is understanding per the leaks? I'm not clear what those are saying (with the understanding they might not be correct).
Are people reading it that when you charge on the high AF card you get 2x Bilt points AND Bilt cash you can use toward the fee for mortage/rent or you have to choose between the two which you want but get only one?
No clue. Probably both. But we don’t know what BILT Cash is actually good for, or how high the fee may be (3%?)
Either way, ending the simple, lucrative 1.0 setup is a major loss for us all. Wish WF would’ve stuck around and let us screw them a little while longer.
Spending $3k a month to get back $70 worth of REWARD points is an dumb move for anyone. Only people who would consider this is 1) they have no reward credit cards and Bilt is their first 2) They are financially illterate 3) they want have fun getting points on a useless card when something like Amex Platinum would be 10x better and FREE (based on using the perks, which more than covers the annual...
Spending $3k a month to get back $70 worth of REWARD points is an dumb move for anyone. Only people who would consider this is 1) they have no reward credit cards and Bilt is their first 2) They are financially illterate 3) they want have fun getting points on a useless card when something like Amex Platinum would be 10x better and FREE (based on using the perks, which more than covers the annual fee - Bilt high end $495 nothing covers that fee so it's out of pocket and you get essentially nothing, just the "right " of using a worthless credit card)
More BILT please.
Does not sound appealing at all.
I like the complexity. I like when things are HARD.
The minified JavaScript reveals multiple card concepts being A/B tested, not just one final product, so we'll need to see whether this is really the "final" or not.
*If* it is, the $95 Obsidian card potentially could be a good dining card: 4% Bilt card PLUS 3X Bilt points on dining could be category leading depending on the Bilt Cash redemption options. I don't really love the idea of paying a 3% fee just to...
The minified JavaScript reveals multiple card concepts being A/B tested, not just one final product, so we'll need to see whether this is really the "final" or not.
*If* it is, the $95 Obsidian card potentially could be a good dining card: 4% Bilt card PLUS 3X Bilt points on dining could be category leading depending on the Bilt Cash redemption options. I don't really love the idea of paying a 3% fee just to get 1X Bilt points; at that point I'd rather pay the 3% through Alaska Air Atmos and get 3X Atmos points. HOWEVER, Bilt suggested there would be a network of neighborhood merchants where you could redeem Bilt Cash dollar for dollar. *IF* the network ends up including e.g. some restaurants or stores you visit anyway, then the dining (or groceries if you prefer) rewards on Obsidian could be quite significant. Due to the partnership with Hyatt, which has a ton of incredible redemption values, I value Bilt points around ~2 cpm. If the Bilt Cash network ends up including some solid local options I'd visit anyway and you're getting 4% cash back to use at those places plus 3X Bilt points, it's like a 10% return on dining, which beats the alternatives. That's not bad for $95.
I've always warned how incompetent Cardless is and how Bilt model is never going to last if they expect to turn profit.
That said, I think this is much less worse than I initially expected. But then this is Cardless we're dealing with. I'd expect they make changes a few weeks after they launch realize too late they f***ed up. And close everyone after a year.
But, but... Amex's former CEO is on their board... they can't possibly fail! /s
Being on the board of these crappy fintech is purely monetary driven.
You can ask Tim Dunn to be on and he wouldn't hesitate to call Cardless premium.
Too much to bother tracking. Not likely to keep it going forward. Already took advantage of transfer bonuses so not like I have many points left.
Looking forward to having another $495-fee card in my wallet offering Priority Pass. That's exactly what I've been looking for.
It would be my 7th
So sounds like it's actually going to be worth it for me to eat the 3% processing fee from my rental property for using my Amex BBP and earn 2x on my rent rather than putting spend on my Bilt card to waive their new processing fee via Bilt Cash?
tbh only reason I've been using Bilt was my previous apartment wouldn't accept Amex so I used the CFU and after they became a...
So sounds like it's actually going to be worth it for me to eat the 3% processing fee from my rental property for using my Amex BBP and earn 2x on my rent rather than putting spend on my Bilt card to waive their new processing fee via Bilt Cash?
tbh only reason I've been using Bilt was my previous apartment wouldn't accept Amex so I used the CFU and after they became a Bilt partner they upped their credit card transaction fees to a whopping 15% which was absurd unless you used ACH or Bilt for payment.
I've recently moved to another property which charges a flat 3% for all credit card payments and accepts Amex so feels like a good time to change it over. Took people's advice from a previous thread and transferred my Bilt points to Hyatt for a couple night's stay on an upcoming trip as well.
15%??... that's practically usury!
This news is really making me hope Bilt will extend their Alaska Airlines partnership to mortgage. I'm currently happy to pay the 3% fee to earn 3x Atmos redeemable and 0.5x status points on my HOA assessments and would have no problem doing so for my mortgage. Needing to spend $2250 a month to earn enough Bilt Cash to offset a 1x/1.25x Bilt points earning rate doesn't make sense to me (even if I could...
This news is really making me hope Bilt will extend their Alaska Airlines partnership to mortgage. I'm currently happy to pay the 3% fee to earn 3x Atmos redeemable and 0.5x status points on my HOA assessments and would have no problem doing so for my mortgage. Needing to spend $2250 a month to earn enough Bilt Cash to offset a 1x/1.25x Bilt points earning rate doesn't make sense to me (even if I could do it all with 2x or 3x spend), given the potential opportunity cost and my desire to spread my spending.
My first impression is exactly Ben's, that this seems too complicated. If you have the 3x dining or 2x everyday spend, yes, putting $2-3k in spend on the card each month to wipe your rental fee is doable, and not crazy from a points return perspective, but it's a pretty annoying mental tax.
The big question for me is whether the Bilt Cash is only good towards offsetting the rent/mortgage payment fees (in which case the new cards are unimpressive), or whether the Bilt Cash can be used more broadly (in which the cards the cards might be more interesting).
Will they still have the status levels or is that gone? I’m interested in getting a jumpstart on the flying blue status……
A friend has the Amex Platinum and has no idea what all of its benefits are. And, I think that's the case with the average consumer. And, I think it will be the case with most cards, including Bilt. We in the hobby comment from a position of knowledge and might have a negative view about this or that. But, we in the hobby overestimate our influence. If the average consumer buys in, whatever is it, it might well be successful.
BILT's new motto: "We're for morons, and the 1%..."
One could say the say the same about Chase and the CSR.
I’d go with Chase Sapphire Reserve… for the top 10% who thinks they’re the 1%.
Also, we copied Amex’s coupon-book, but at least we’re not trying CHASE-CASH.
@Fred - I completely agree with you. I don't see the value in these cards compared to other options, just like most of the readers of this blog. However, if this is indeed the new structure of Bilt's credit cards, I do see the average Bilt cardholder buying into the system and keeping the card.
JB, so, you think the 'the average Bilt cardholder' is dumb? Yeah, you're probably right. And I guess that's what BILT is relying on. *sigh*
Tough one. I’m about ready to ditch BILT entirely at this point… but churning 50K Atmos points is nothing to sneeze at.
But… is it really worth opening a new line of credit for this thing? I’m torn.
Churn and burn; those of us who 'play the game' will likely still do as you suggest. We'll go for the high-AF, milk-it, close after 12-months. I'd be very concerned with BILT after February 2027. That's when much of this likely comes crashing down, if it can last through then. Never hoard points.
2x on everyday spend is pretty awesome. This is differentiated from just about every other premium card on the market. I would seriously consider making this my primary card instead of Venture X.
To each his own but 10k points anniversary bonus and $300 in travel credit is easier to justify the venture x whose Af ( for now ) is $100 less than the bilt card. I dont have to go through metered out "hotel gymnastics " on yet another cc
Have you not heard of the no-fee Citi Double Cash or Fidelity Rewards cards (no foreign transaction fees)? Or the BofA Unlimited or Premium or Elite with 75% Platinum Honors for 2.62% back? Or the (somewhat nerf'd) 4% USB Smartly card? Or, are you just shilling for BILT...
This is really a partner issue. I love the VX. I love my Double Cash. I don't SUB Chase for 80%+ of my spending. But if you offering a similar value proposition with an industry leading transfer partner list...I'm paying attention. I really only need Priority Pass 90% of the time. The Palladium, as rumored, is a little bit more of a hassle (but nowhere near CSR/Amex Plat territory), but if Bilt Cash has any...
This is really a partner issue. I love the VX. I love my Double Cash. I don't SUB Chase for 80%+ of my spending. But if you offering a similar value proposition with an industry leading transfer partner list...I'm paying attention. I really only need Priority Pass 90% of the time. The Palladium, as rumored, is a little bit more of a hassle (but nowhere near CSR/Amex Plat territory), but if Bilt Cash has any reasonable value at all, the Palladium will be a really good card that belongs in everyone's wallet.
Don't forget that the Venture (vs. Venture X) offers 2x on everyday spend as well, with an annual cost that's US $300 less than the Venture X.
Given how they're waiting until the last minute to reveal details we have to assume the worst.
100% this. Especially since, more than anything, this company loves hype and attention. If the cards were attractive they’d be marketing the crap out of them.
Yup. This is the US Bank approach. Still waiting on those transfer partners for points for the USBAR card...
If I'd need to spend anywhere even close to 75% of my mortgage payment every month to use Bilt, that's a complete nonstarter for me. The multipliers would have to be compelling enough to move away from most of my other cards, and I just don't see that happening.
That’s the true irony here, right? BILT needed to make their card compelling for every day spend… and they failed.
Grocery *or* dining? Give me a break. I’ll stick with Venture and Savor. Moving on.
How useful is a 7th priority pass select membership?
I TESTIFY. ^This, 100x this.
It's past being ridiculous.
AMEN, Willy!
I think the thing here is that points nerds having 3-4+ ultra-premium credit cards is the exception. Most people who marginally care about points don't think you can justify more than one $400+ fee, so they pick one ultra-premium card. And if you have one ultra-premium card, you understandably would want it to have lounge access.
You cynical basta... (He's not wrong.)
4x Bilt Cash + 2x Rewards Points on non-bonus spend could be attractive once I know WHICH hotels/restaurants:
“Starting in 2026, you'll be able to redeem your Bilt Cash in the Bilt App toward:
Hotel bookings: apply Bilt Cash toward hotel bookings made in the Bilt Travel Portal.
Lyft credits: redeem for Lyft credits and get where you’re going for less.
Fitness Classes: use Bilt Cash toward bookings in the Bilt App and...
4x Bilt Cash + 2x Rewards Points on non-bonus spend could be attractive once I know WHICH hotels/restaurants:
“Starting in 2026, you'll be able to redeem your Bilt Cash in the Bilt App toward:
Hotel bookings: apply Bilt Cash toward hotel bookings made in the Bilt Travel Portal.
Lyft credits: redeem for Lyft credits and get where you’re going for less.
Fitness Classes: use Bilt Cash toward bookings in the Bilt App and save on your favorite workouts.
Dining: use Bilt Cash to pay your tab when you use Mobile Dining Checkout at select Bilt partner restaurants.
Home Delivery: save on everyday essentials ordered through Home Delivery, powered by Gopuff.
The Bilt Collection: redeem Bilt Cash for select items and limited drops from the Bilt Collection.
You can also redeem your Bilt Cash to unlock exclusive access across the Bilt ecosystem, like:
Elevated status for transfer bonuses: redeem Bilt Cash to boost your status tier and access a higher transfer bonus during Rent Day.
Home Away From Home collection: redeem Bilt Cash to gain access to Bilt’s luxury hotel collection and exclusive benefits during your stay.
Exclusive Bilt experiences: redeem Bilt Cash to book exclusive experiences like dining reservations, fitness classes, and more.”
Pam, that sounds like BILT Cash is gonna be super-limited to internal redemption, not a widespread use, so I remain quite skeptical that any of this is gonna be worthwhile for most people. Instead, they're gonna have a rude awakening in March when they pay rent and owe a new 3% fee and there's just a confusing explanation on how to spend more to cover it... no bueno.
I'm waiting to see if I go with the premium bilt card or cancel my CSR. The priority pass is part of that calculation
James S, feel free to cancel both. Are you for-real about priority pass? Like, do you only have one? Sheesh.
this seems very overcomplicated, even for 2026 credit card standards. if this is accurate I think the move will be to churn the $495 card for the bonus/status and then earn/burn after 1 year.
R.I.P. BILT
If your rent/mortgage is $5,000/mo, you’d need to spend an additional $3,750 in non-rent to ‘breakeven’ on the new 3% fee to pay using your card.
2.0 is D.O.A.
"In reality, many people simply made five small purchases per billing cycle, and then earned thousands of points on their rent." 100%.
And many thanks to Wells Fargo for being stupid enough to fund this gravy train for years and years, wasting $10 million per month. Felt like a consolation prize after WF's cross-selling scandal.