Fair warning: The Bilt credit cards are not for the faint of heart.
So while we acknowledge that the Bilt cards can deliver big value, we can only recommend them to credit card “optimizers” who will take the time to understand these cards’ nuances and be willing to navigate them. Only by doing so can you extract all the value that they offer.
Here’s some of the most important fine print.
1. There are two (complicated) ways to earn rewards
One of the first things you’ll need to do after receiving a Bilt card is decide which of the two options you want. Bilt named these choices “housing-only” and “flexible Bilt Cash.” (If you don’t pick one, you’ll automatically be assigned the housing-only option, though you can change it at any time.)
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With the housing-only option, Bilt cardholders earn up to 1.25x Bilt Points on rent or mortgage payments with no transaction fee — but the rewards rate on those payments depends on how much non-housing spending you put on the card. To earn the top 1.25x rate on housing payments, you need to spend the same as (or more than) your housing payment on other purchases in that month. If you don’t hit the minimum spending requirement for the lowest rewards rate on housing (0.5x), you’ll still get 250 Bilt Points per month.
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With the flexible Bilt Cash option, there is a 3% fee to earn 1x Bilt Point on your housing payments — but you’ll also earn 4% back on non-housing purchases in the form of Bilt Cash, a different rewards currency, which you can use to cover that 3% fee (or as Bilt puts it, to “unlock” those Bilt Points on your rent or mortgage payment.) For every $30 in Bilt Cash you redeem for this purpose, you’ll earn 1,000 Bilt Points on your rent or mortgage payment. If your monthly rent is $2,000, and you wanted to earn 1x Bilt Point on that full amount, you’d need to redeem $60 of Bilt Cash. (You cannot cover this fee with actual cash.) Unlike the housing-only option, the flexible Bilt Cash option doesn’t give you a guaranteed earnings floor of 250 Bilt Points per month.
2. Multiple restrictions put the brakes on point accelerators
When you select the flexible Bilt Cash rewards earning option, you can opt to redeem $200 in Bilt Cash to earn an extra Bilt Point per $1 spent on everyday spending categories. In other words, you can (temporarily) unlock a higher rewards rate.
Bilt Points on rent/mortgage payments
Bilt Points on other spending
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3x points on your choice of dining or grocery (on up to $25K in spending per year in the grocery category). Your choice category may be changed once a year.
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2x points on travel.
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1x points on everyday purchases.
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(You’ll also earn 4% back in Bilt Cash on these purchases, if you choose that option.)
$100 of Bilt Cash when you apply and get approved.
$200 of Bilt Cash when you apply and get approved.
50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 3 months + $300 of Bilt Cash.
Annual $200 Bilt Cash credit.
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Multiple transfer partners.
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$100 Bilt Travel portal hotel credit, split semi-annually, per calendar year. (Minimum two-night stay required.)
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Multiple transfer partners.
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$400 Bilt Travel portal hotel credit, split semi-annually, per calendar year. (Minimum two-night stay required.)
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Access to participating Priority Pass lounges and landings. (Two guests allowed on every visit.)
The ongoing APR is 26.74%-34.74% Variable APR
The ongoing APR is 26.74%-34.74% Variable APR
The ongoing APR is 26.74%-34.74% Variable APR
3. Bilt Cash, too, has limitations — and it expires
If you choose the flexible Bilt Cash option to earn rewards, you have a menu of redemption options from which to choose. But there are rules and caveats to keep in mind.
For example, you can trade in Bilt Cash for a GrubHub credit, but these redemptions are capped at $120 a year, and you can only get a $10 credit each month.
Furthermore, only $100 in Bilt Cash rolls over from year to year. If you have accrued a pile of Bilt Cash throughout the year, you’ll want to spend a lot of it before the year’s end to avoid losing out on the value of your credit card rewards.
4. You don’t actually pay your rent or mortgage with the Bilt card
Bilt’s website says that the Bilt cards can be used to “make housing payments with no transaction fee.” But that’s not exactly how it works.
5. Only some tax payments earn rewards
Paying a hefty tax bill with a credit card can sting a little less if you’re earning rewards on that payment. However, the Bilt cards don’t let you earn rewards on income tax payments — only property taxes, and even then, only as long as they’re processed through Bilt.
6. Hotel credit isn’t straightforward
For example, the Obsidian card comes with a $100 credit, but you’d only get a $50 discount for a single booking.
7. Rental car coverage is secondary
8. Customer service leaves much to be desired
At least at the moment, Bilt’s customer service appears to be severely lacking. Cardholders have reported hours-long wait times to talk to a representative, assuming they’re able to get past a chatbot.
9. Bilt status comes with restrictions
However, after that date, Bilt Blue members will only get 50 points per $1.