Bilt Card 2.0 is Here: New Cards, Mortgage & New Hurdles for Earning Points

After nearly a year of teasing that it would allow members to earn points on mortgage payments and a steady drip of (sometimes misleading) leaks, Bilt Rewards finally pulled back the curtain on its next chapter Wednesday. There's good news and bad news.

From a replacement to its longstanding no-annual-fee option to a new entrant in the top-dollar premium travel rewards card landscape, there's a trio of new cards with new benefits from a new issuer. Applications are expected to open sometime Wednesday afternoon, with new cards turning on Feb. 7.

That's the same date mortgage payments – with any provider – through Bilt will officially launch. But while payments for both rent and mortgages will remain fee-free for Bilt cardholders, the company is overhauling how many points you'll earn on that monthly … by requiring them to spend far more on their Bilt cards.

The days of making just five non-housing transactions a month in order to earn 1x point per dollar on rent are over. In its place, Bilt is instituting a convoluted spend-more, earn-more model using its new “Bilt Cash” feature. For example, you'd need to charge up $2,250 in monthly everyday spending on your Bilt card in order to earn the full 1x points on a $3,000 monthly housing payment going forward.

That could be well worth it: Bilt points are arguably the most valuable on the market, can be transferred 1:1 to airline and hotel programs like World of Hyatt, United Airlines, Alaska Airlines, Air Canada Aeroplan, Japan Airlines, and more. But for others, the math may be changing. 

There's tons to unpack. Here’s how Bilt Card 2.0 actually works.

Housing Payments Are Still Fee-Free, But Points-Earning is Changing

Let’s start with the most important clarification.

With Bilt Card 2.0, you can still pay rent or a mortgage with no transaction fee, regardless of which Bilt card you have or how much you spend on the card elsewhere.

Housing payments run on a separate credit line that doesn’t reduce your available credit for everyday purchases, allowing cardholders to pay large rent or mortgage bills without tying up their normal spending power.

What’s changed is that paying your housing bill and earning points on it are now two separate things.

“You can pay rent, mortgage, or HOA with no transaction fees,” Jain said. “How many points you earn on rent or mortgage depends on how much you spend on your card.”

How to Earn Points on Housing

Under Bilt Card 2.0, earning points on rent and mortgage payments is no longer automatic. Instead, it’s tied directly to how much you use your Bilt credit card through a new rewards currency called Bilt Cash.

Here’s the simplified version of how Bilt Cash works:

• You earn Bilt Cash from everyday purchases. All three Bilt cards earn 4% back in Bilt Cash on non-rent and non-mortgage spending, with no caps or rotating categories.
• You can then use that Bilt Cash to unlock the ability to earn Bilt points on rent or mortgage payments.
• The less you spend on your Bilt card, the fewer points you’ll earn on your housing payment. 
• Bilt Cash will expire at the end of each calendar year, though up to $100 can roll over into the following year. Cardholders start each year with a fresh balance.

The conversion is straightforward(ish): Every $30 in Bilt Cash unlocks 1,000 Bilt points on housing payments, with no minimums or required increments.

For example, if your monthly mortgage payment is $1,500, you’d need $45 in Bilt Cash to unlock the full 1,500 points. To earn that $45 in Bilt Cash, you’d need to spend $1,125 on non-housing purchases over the course of the month ($1,125 x 4% = $45 of Bilt Cash). The more expensive your monthly housing payment is, the more Bilt Cash you'll need to earn points on the payment. 

Importantly, Bilt says points are earned on the entire mortgage payment, not just principal and interest. That includes escrowed costs like property taxes, homeowners' insurance, and PMI, meaning cardholders can earn points on the full amount charged to the card each month for their housing payment. 

Bilt also removed caps on annual rent and mortgage earnings, allowing cardholders to earn up to 1X points on every eligible housing payment – even across multiple homes.

If you don’t have enough Bilt Cash to unlock the full amount, you can still pay your rent or mortgage – you’ll simply earn fewer points.

Bilt says cardholders are never required to pay a fee to make a rent or mortgage payment. However, for those who want to earn the full 1X points on a housing payment but lack sufficient Bilt Cash, an optional 3% transaction fee applies only to the portion of the payment you want to earn points on beyond what you’ve unlocked with Bilt Cash.

During the media event earlier this week, Bilt CEO Ankur Jain explained why the company moved away from its previous system.

“The five banana crowd doesn’t work for Bilt,” Jain said, referring to the old rule that allowed cardholders to earn points on rent as long as they made at least five non-rent purchases each month.

Some users gamed that system by making five tiny purchases – famously buying a single banana five times – just to unlock points on rent. Bilt says that approach didn’t reflect how most members actually use the card and wasn’t sustainable as the program expanded into mortgages and premium cards.

“We want to change the model so people can get more,” Jain said. Under Bilt Card 2.0, earning points on housing now reflects real card usage, not clever workarounds, and is designed to reward members who make Bilt part of their everyday spending.

Mortgage payments aren’t limited to a short list of lenders either. Bilt says cardholders will be able to pay any personal mortgage, either through in-network providers or via Mastercard’s bill pay system, which is built directly into the Bilt platform.

“If your mortgage provider uses Bilt, it’ll be on Bilt,” Jain said. “If not, we’re plugged into bill pay – set up your mortgage through bill pay directly. No funny virtual account numbers or workarounds.”

Bilt also confirmed that mortgage payments can be made through its platform using non-Bilt credit cards, though a 3% transaction fee applies in that case. Importantly, when paying that way, the transaction should generally code like a normal purchase – meaning whatever rewards your card earns on everyday spend should still apply, depending on the issuer and how the payment is processed. 

Notably, Bilt's close ties with Alaska and United Airlines mean that using either carrier's co-branded cards will lead to more points: 3x points per dollar spent on rent or mortgage with an Alaska card and 2x with a United card. 

The Three New Bilt Cards Revealed

Bilt Card 2.0 replaces a single no-annual-fee card with a three-card lineup, all built around the same core system for paying rent and mortgages.

All three cards let you pay rent and mortgages with no transaction fee. Each card earns 4% back in Bilt Cash on non-housing spending, in addition to Bilt points, allowing cardholders to unlock up to 1X points per dollar spent on housing payments, and charges no foreign transaction fees.

The real difference isn’t whether you can earn points on housing – it’s how much everyday spending it takes to make that worthwhile, and how much friction you’re willing to tolerate.

Here’s how each card shakes out.

Bilt Blue Card: No Annual Fee

The Bilt Blue Card replaces the original Wells Fargo–issued Bilt Mastercard as the no-annual-fee option. However, while it remains free to hold, it now requires significantly more engagement to deliver value.

• Welcome offer: $100 of Bilt Cash when you apply and get approved
• Earn up to 1X points on rent and mortgage payments
• 1X points + 4% back in Bilt Cash on everyday purchases
• No foreign transaction fees (see rates & fees)
• No Annual Fee (see rates & fees)
• Apply Here

On paper, this looks straightforward. In practice, this is the hardest Bilt card to make work well under the new rules.

It takes a meaningful amount of non-housing spend to generate enough Bilt Cash to unlock points on rent or a mortgage – and most importantly, that non-housing spend will only earn 1x Bilt point per dollar you spend. For renters who previously used Bilt almost exclusively for rent – relying on the old “five transactions per month” rule – this is a sharp shift.

Bilt Obsidian Card: $95 Annual Fee

For long-time Bilt cardholders, the Bilt Obsidian Card will look pretty familiar and is where the new system starts to feel more reasonable. This card introduces category bonuses, which can accelerate how fast you earn points.

• Welcome offer: $200 of Bilt Cash when you apply and get approved
• Earn up to 1X points on rent and mortgage payments
• 1X points + 4% back in Bilt Cash on everyday purchases
• 3X points on your choice of grocery (up to $25,000 per year) or dining. Your 3X category choice remains in effect for the entire calendar year
• 2X points on travel
• $100 Bilt Travel Hotel Credit, applied twice a year as $50 statement credits for qualifying Bilt Travel Portal hotel bookings (requires a minimum two-night stay)
• No foreign transaction fees (see rates & fees)
• $95 Annual Fee (see rates & fees)
• Apply Here

Obsidian cardholders default to earning 3X on dining, but can switch to groceries within 30 days of approval. After that, the 3X category can only be changed once per year, in January.

For many existing Bilt cardholders, this is likely the most balanced option in the lineup. While Bilt Cash accrues at the same 4% rate on all three cards, Obsidian’s bonus categories make it easier to justify putting more of your everyday spending on Bilt – and that’s what drives more Bilt Cash, which then unlocks more points on rent or a mortgage.

For most people, it’s the sweet spot: faster earning where you already spend, a manageable annual fee, and an easier path to earning 1X on housing without paying a fee.

Bilt Palladium Card: $495 Annual Fee

The Palladium Card is Bilt’s clearest signal that it wants to compete in the premium travel card space – not as a niche housing card, but as a primary, all-in rewards card.

• Welcome offer: 50,000 Bilt points after spending $4,000 on non-housing purchases in the first three months, plus Bilt Gold Status and $300 in Bilt Cash. (Gold status follows Bilt’s existing status calendar – valid for the rest of the year it’s earned and the following year.)
• Earn up to 1X points on rent and mortgage payments
• 2X points + 4% back in Bilt Cash on everyday purchases
• $400 Bilt Travel Hotel Credit, applied twice a year as $200 statement credits for qualifying Bilt Travel Portal hotel bookings and requires a minimum two-night stay.
• $200 Bilt Cash, awarded annually (at the end of each calendar year, any Bilt Cash balance over $100 will expire)
• Priority Pass airport lounge access
• No foreign transaction fees (see rates & fees)
• $495 Annual Fee (see rates & fees)
• Apply Here

In the first year, Palladium cardholders receive a total of $500 in Bilt Cash, including the $300 welcome bonus at account creation.
 

Beyond the benefits, Bilt is also leaning hard into design and physical experience with the Palladium Card. In addition to the standard palladium-finished metal card, early applicants can choose a limited-edition mirrored Palladium card – along with a Bilt-branded smudge cloth – a playful nod to how impractical a mirror-finish credit card actually is.

But what sets the Palladium Card apart isn’t just the perks – and the mirror finish – it’s what it does to everything else you buy.

Because all everyday spending earns 2X points plus 4% back in Bilt Cash for every dollar you spend, this card is designed to sit in your wallet as a true default-spend card. Any purchase that wouldn’t otherwise earn a meaningful category bonus elsewhere (think online shopping, utilities, insurance payments, medical bills, random retail spend, etc.) suddenly earns at a higher level than most “catch-all” cards.

That puts the Bilt Palladium Card in direct competition with cards like the *venture x*, which many travelers (myself included) use as their go-to option for purchases that would otherwise earn just 1X. The difference is that Bilt points are generally more valuable and flexible than Capital One miles, especially for travelers who lean on Bilt's stable of high-value airline and hotel transfer partners. In that context, 2X everywhere on Bilt points meaningfully raises the bar.

Importantly, this value stands even if you never use the card to earn points on rent or a mortgage. The Palladium Card can make sense purely as an everyday spend engine – with housing rewards functioning as upside rather than the main draw.

For high spenders, the mechanics also remove friction. Because you’re consistently earning Bilt Cash on all purchases, unlocking full points on housing becomes far more automatic.

Bilt Card 2.0 FAQ

Applications, Welcome Offers & Card Logistics

Are existing Bilt cardholders eligible for welcome bonuses on the new cards?

Yes. Both existing cardholders transitioning from Bilt Card 1.0 and new applicants are eligible for the current welcome offers on Bilt Card 2.0. Bilt says these welcome bonuses are available for a limited time.

Apply Here for the Bilt Palladium Card

Apply Here for the Bilt Obsidian Card

Apply Here for the Bilt Blue Card

Do the new cards change how Bilt elite status is earned?

No. Spending thresholds for Bilt status remain unchanged across all three cards: $10,000 for Silver, $25,000 for Gold, and $50,000 for Platinum. Keep in mind, the Palladium Card comes with complimentary Gold status for the first calendar year, potentially unlocking bigger transfer bonuses and other perks as the months go on. 

When do applications open, and when do the new cards start working?

Beginning today, Jan. 14, 2026, existing cardholders can select their new Bilt Card 2.0 option. To ensure a seamless transition and receive your new card before launch, you must make your choice by Jan. 30. New cards are expected to arrive by Feb. 6, and all Bilt Card 2.0 accounts officially go live on Feb. 7.

What happens to my old Wells Fargo Bilt Mastercard?

You can continue using your Wells Fargo–issued Bilt Mastercard through February 6, 2026. After that date, the card will no longer be accepted for new purchases. If you choose to transition to Bilt Card 2.0, you can transfer any remaining balance and optionally have Bilt close the Wells Fargo account on your behalf. If you do nothing, the account may convert to a Wells Fargo Autograph℠ Card, which earns Wells Fargo Rewards – not Bilt points.

Will my credit limit carry over?

No. Credit limits are determined by the new issuing bank (Cardless) and are based on a fresh review of your credit profile.

Authorized Users, Multiple Cards & Account Rules

Can you hold more than one Bilt card?

At launch, you may only be the primary cardholder on one Bilt account. You can, however, be added as an authorized user on a second Bilt card.

Are authorized users allowed – and what do they cost?

Yes. Cardholders can add up to five authorized users directly in the Bilt app.

• Bilt Blue: $0 per authorized user
• Bilt Obsidian: $50 per authorized user
• Bilt Palladium: $95 per authorized user (includes Priority Pass)

Each authorized user receives their own card number and can track spending separately. Additionally, existing authorized users on the Wells Fargo Bilt Mastercard will need to be re-added to the new Bilt Card 2.0 account.

Can you upgrade or downgrade between Bilt cards later?

Not in the first year. Bilt says upgrades and downgrades between card products will not be supported during the initial year of the Card 2.0 program.
 

What Existing (and New) Bilt Cardholders Need to Do

If you have the current Wells Fargo Bilt Mastercard, you’ll need to select a new Bilt Card 2.0 option by Jan. 30 to ensure a seamless transition ahead of the Feb. 7 switchover.

Bilt says existing cardholders are eligible for the current welcome offers, and that selecting by the end of January allows cardholders to keep the same card number with mobile wallets updating automatically. If you don’t select a new card, the Wells Fargo-issued Bilt Mastercard will stop working on Feb. 7.
 

Bottom Line

Bilt Card 2.0 keeps the core promise that made Bilt different – paying rent with no transaction fee – and expands it in a meaningful way by allowing cardholders to earn points on mortgage payments for the first time.

But it also marks a clear shift in philosophy: Earning points on housing is no longer a low-effort perk. Instead, Bilt is explicitly rewarding members who make the card part of their everyday spending, using Bilt Cash as the gatekeeper for unlocking points on rent and mortgages.

For cardholders willing to commit to spending – especially those who can take advantage of the new cards with annual fees – the system can still deliver strong value. For rent-only users who relied on the old five-transaction workaround, the math has changed.

Bilt isn’t just a rent card anymore. It’s positioning itself as a primary rewards card, and Bilt Card 2.0 makes that expectation unmistakably clear.