Bilt Card 2.0 Review: Is the 4% Back & Mortgage Rewards Hype Worth It?

On January 14, 2026, Bilt Rewards officially overhauled its entire credit card lineup. Enter Bilt Card 2.0: a trio of cards, Blue, Obsidian, and Palladium, that promises to revolutionize how we earn on the two biggest expenses in our lives: rent and, finally, mortgages.

[!IMPORTANT] Update (Jan 2026): Bilt 2.0 "Option 1" added. After the Bilt 2.0 launch, Bilt introduced a simpler housing-rewards choice: Option 1 earns fee-free points on rent/mortgage automatically (up to 1.25x) based on your monthly card spend as a % of your housing payment—but you won't earn 4% "Bilt Cash" on everyday spend under this option. The original Option 2 remains: earn 4% Bilt Cash on spend and redeem it to unlock housing points (e.g., $30 Bilt Cash → 1,000 points). The 3% fee still only applies in the "Max Points" payment setting.

This is a fluid situation and CardSavvy will continue to provide updates as Bilt's program evolves.

The new Bilt Card 2.0 lineup: Blue, Obsidian, and Palladium The new Bilt Card 2.0 card lineup. Image courtesy of Bilt.

But as with all major credit card launches, the headlines ("4% back!", "Earn on Mortgage!") are doing a lot of heavy lifting. At CardSavvy, we don't just read the bold text; we read the terms and conditions.

Here is your deep-dive review of the new Bilt ecosystem, the introduction of "Bilt Cash," and whether these cards deserve a slot in your wallet.

The Core Change: The "Two-Currency" Trap?

The most critical update in Bilt 2.0 is that you now earn two different types of rewards simultaneously on eligible purchases. It sounds generous, but it complicates the valuation significantly.

1. Bilt Points (The Currency You Know)

This is the valuable, transferable currency we know and love. You earn these at different rates depending on which card you hold. For a breakdown of what Bilt Points have historically been worth, see our Real Annual Value of Paying Rent with Bilt analysis.

2. Bilt Cash (The New "Currency" with Red Flags 🚩)

Bilt is marketing "4% back in Bilt Cash" on eligible purchases (excluding rent/mortgage) across all three cards. But before you calculate "4% return," you need to understand what Bilt Cash actually is, and what it isn't.

It is NOT Cash: You cannot redeem Bilt Cash for a statement credit, a check, or a deposit into your bank account.
It Expires Aggressively: Bilt Cash expires at the end of each calendar year. You can only roll over $100 to the next year. If you don't use it, you lose it.
It's Locked in the Ecosystem: You can only use it for things like "unlocking" points on rent/mortgage (see below), travel portal bookings, or Bilt collection items.

CardSavvy Take: "4% back" is only true if you were already going to spend that money inside the Bilt ecosystem. If you force spending just to use up expiring credits, your effective return is much lower.

Unsure how expiration dates affect your effective return? The CardSavvy Optimizer can simulate your actual spend and redemption patterns to show you the "real" value of rewards like Bilt Cash, stripping away the marketing fluff.

The New Rent & Mortgage Mechanics

Bilt 2.0 finally allows you to earn rewards on mortgage payments—a massive win for homeowners. However, the mechanics have changed. You now have two choices when paying housing bills via the Bilt app:

Option A: The "No Transaction Fee" Route

The Deal: You pay $0 in fees.
The Catch: To earn points, you must "unlock" them using your Bilt Cash.
The Cost: You spend $3 of Bilt Cash to unlock 100 Bilt Points.
The Math: You are effectively buying points at 3.0 cents per point.

Option B: The "Max Points" Route

The Deal: You earn 1 point per $1 on your rent/mortgage automatically.
The Catch: You pay a 3% transaction fee.
The Math: Again, you are effectively buying points at 3.0 cents per point (since a 3% fee to get 1x points = 3 cents/point).

The Verdict: Unless you are redeeming Bilt Points for high-end international business class flights (where value > 3.0 cents), "earning" points on rent/mortgage is now effectively a wash for most travelers. It mostly serves as a way to liquidate your expiring Bilt Cash.

The Lineup: Which Card (If Any) Fits You?

1. Bilt Blue ($0 Annual Fee)

Best For: Renters/Homeowners who want no commitment.
The Earnings:
- Housing: Up to 1x (requires Bilt Cash unlock or 3% fee).
- Everything Else: 1x Bilt Points.
- Bilt Cash: 4% on eligible purchases (non-housing).
Welcome Bonus: $100 Bilt Cash.
Our Take: A decent entry point if you just want to dabble in the ecosystem and can use the Bilt Cash.

2. Bilt Obsidian ($95 Annual Fee)

Best For: Heavy spenders in specific categories.
The Earnings:
- Choose Your 3x: Select either Dining OR Grocery to earn 3x points (the other earns 1x).
- Travel: 2x points.
- Bilt Cash: 4% on eligible purchases.
Credits: $100 Hotel Credit (split into two $50 credits/year; requires 2+ night stay via portal).
Our Take: Only worth it if you can naturally use the hotel credit to offset the $95 fee and you spend heavily in one of the 3x categories. If you're unsure whether you'll break even, run your numbers through our Optimizer.

3. Bilt Palladium ($495 Annual Fee)

Best For: High spenders and frequent travelers.
The Earnings:
- Everything (Non-Housing): Flat 2x Bilt Points.
- Housing: Up to 1x (standard rules apply).
- Bilt Cash: 4% on eligible purchases.
Credits:
- $400 Hotel Credit (split into two $200 credits/year; requires 2+ night stay via portal).
- $200 Annual Bilt Cash benefit.
Welcome Bonus: 50k Points + Gold Status + $300 Bilt Cash (Requires $4k spend, excluding housing).
Our Take: The flat 2x points plus 4% Bilt Cash is a massive "on paper" earning rate. However, you must be able to utilize the $400 hotel credit (which requires portal bookings) to justify the steep $495 fee. For a framework on evaluating premium card credits, see our Premium Card Credits Guide.

How Does This Compare to Other Premium Cards?

If you're considering the Palladium at $495, you should also compare it against other premium travel cards:

Chase Sapphire Reserve vs. Capital One Venture X: Both offer strong travel perks without the ecosystem lock-in that Bilt Cash requires.
Amex Gold vs. Platinum: The Platinum's $695 fee comes with extensive lounge access and credits—but also requires the same "credit utilization" discipline.

The right answer depends on your specific spending patterns, which is exactly what the CardSavvy Optimizer is built to calculate.

Final Thoughts: The CardSavvy Verdict

Bilt 2.0 is complex. It replaces the simplicity of the old "1x on rent, 0 fees" model with a high-engagement ecosystem that rewards you handsomely if you play by their rules—and punishes you with expiration dates and fees if you don't.

Bilt heard the backlash and added an alternate "Option 1" that's easier to understand, but it effectively turns Bilt Cash into an opt-in mechanic rather than a universal benefit. Choose your path wisely.

The "Stack" looks like this (if you choose Option 2):

4% Bilt Cash + 1x-2x Bilt Points

It sounds incredible, but remember: Bilt Cash is not cash. It is a loyalty credit with an expiration date.

Should you apply?

If you are an optimizer who books travel through portals and can track expiration dates, the Palladium or Obsidian cards offer outsized value. If you prefer simplicity, the Blue card is a safe harbor—and with the new Option 1, you can now earn fee-free points on housing without the Bilt Cash math.

Need help deciding if the Palladium's $495 fee is worth it for your specific spending habits? Run your numbers through the CardSavvy Optimizer to see if your actual travel patterns justify the switch.

FAQ: Bilt Card 2.0 (2026)

1) What are the three new Bilt 2.0 cards?

Bilt launched three tiers: Bilt Blue ($0 annual fee), Bilt Obsidian ($95 annual fee), and Bilt Palladium ($495 annual fee). Each tier earns Bilt Points plus 4% Bilt Cash on eligible purchases.

2) What is "Bilt Cash" (and is it actually cash back)?

Bilt Cash is a separate rewards currency you earn on eligible purchases. It's not cash and can't be redeemed for cash or as a statement credit, it's meant for redemptions inside the Bilt ecosystem (e.g., certain credits, portal bookings, "unlocking" points on housing, etc.).

3) Does Bilt Cash expire?

Yes. Bilt Cash earned during 2026 expires at year-end, with up to $100 rolling over to the next year. This is an important consideration when calculating value—see our Premium Card Credits Guide for how to think about "use it or lose it" credits.

4) Do rent and mortgage payments earn Bilt Cash?

No, rent and mortgage payments do not earn Bilt Cash. They only earn Bilt Points under specific conditions.

5) How do you earn points on rent/mortgage now? (Option 1 vs Option 2, then "No fee" vs "Max Points")

Bilt now gives you a high-level choice before you even get to payment settings:

Option 1 (Tiered Housing Points): Earn housing points automatically (up to 1.25x) based on your monthly spend as a % of rent/mortgage—but everyday spend does NOT earn Bilt Cash.

0.5x if spend ≥ 25% of housing
0.75x if spend ≥ 50%
1.0x if spend ≥ 75%
1.25x if spend ≥ 100% (spend at least your rent amount elsewhere)
If you don't hit the minimum, you still earn 250 points/month.

Option 2 (Bilt Cash Unlock): Earn 4% Bilt Cash on everyday purchases, then redeem Bilt Cash to unlock housing points with no fee (e.g., $30 Bilt Cash → 1,000 points).

Then (inside Option 2 / at checkout) Bilt still shows:

No transaction fee: redeem Bilt Cash to unlock points
Max Points: earn 1x points on the full housing payment, but a 3% fee applies (Bilt Cash can be auto-applied to cover).

For a deeper look at the math on rent rewards, see our Real Annual Value of Paying Rent with Bilt analysis.

6) What is the "75% of rent spend requirement" people keep mentioning?

It's not a rule or a minimum-spend requirement. It's a break-even math shortcut:

You earn 4% back in Bilt Cash on eligible (non-housing) purchases.
To unlock 1x points on housing with no fee, you effectively need Bilt Cash equal to 3% of your rent/mortgage (because $3 Bilt Cash unlocks 100 points).

So you need roughly everyday spend ≈ 75% of your rent to generate enough Bilt Cash to unlock 1x points on your full housing payment (0.03 / 0.04 = 0.75).

Heads up: "75%" now shows up in two different places: (1) the Option 2 math break-even to generate enough Bilt Cash, and (2) the Option 1 tier threshold to earn 1x on housing.

6b) What do you give up if you choose Option 1?

You stop earning 4% Bilt Cash on everyday spend (but you still keep the card's Bilt Points earning rates and any welcome/annual Bilt Cash credits).

6c) Is there still a monthly minimum?

Bilt says if you don't hit the minimum spend tiers under Option 1, you still earn 250 points/month on housing.

Try our Bilt 2.0 Calculator to compare Option 1 vs Option 2 side-by-side with your actual rent and spending numbers.

7) Do rent/mortgage payments use my credit limit?

Bilt says housing payments are pulled from your linked bank account and don't count against your credit line (and you can still earn points per the selected option). Translation: no credit-line float on housing payments in the new program.

8) Can I transfer Bilt Cash to airline/hotel partners?

No, Bilt Cash is not transferable to travel partners. Bilt Points are the travel-transfer currency.

9) Can I redeem Bilt Points as a statement credit?

Yes, Bilt Points can be redeemed as a statement credit toward the principal balance (subject to terms; redemption value may change).

10) What purchases don't earn rewards (points or Bilt Cash)?

Bilt's offer terms exclude a bunch of "cash-like" and gaming-prone transactions, including: balance transfers, cash advances, traveler's checks, money orders, wire transfers, prepaid/gift cards, person-to-person payments (Venmo/PayPal/Cash App/Zelle), tax payments, online resale marketplaces (eBay/Facebook Marketplace), crypto/digital currency purchases, fees/interest, lottery tickets, casino chips/wagers, and checks that access your account.

11) Do rent/mortgage payments count toward the Palladium welcome bonus spend?

No, Bilt's terms explicitly say rent and mortgage payments do NOT count toward the $4,000 spend requirement for the Palladium welcome offer. Use the CardSavvy Optimizer to see if you can hit that threshold with your regular spending.

12) Are there authorized user fees?

Yes, Bilt's terms list annual authorized user fees of $50 per AU on Obsidian and $95 per AU on Palladium.