Bilt Rewards – the game-changing program that allows renters (and soon homeowners) to earn points on their monthly payments – sent travelers into a tailspin this week when leaked code from the company's own website suggested it was preparing to do the unthinkable: axing fee-free housing payments for Bilt cardholders as the company introduces a new lineup of cards next week.
In its place, according to snippets of Bilt's code, it would start charging transaction fees on all housing payments, allowing cardholders to offset those fees using “Bilt Cash” they earn from other spending. But the company now says that's not what's in the works.
As negative headlines continued to build, one of Bilt's top officials said in a social media post late Thursday that fee-free housing payments aren't going anywhere – and that “draft concepts” of the company's long-awaited Bilt 2.0 card launch didn't fully capture what's in store.
“As a Bilt cardholder, you will always be able to make your full rent or mortgage payment seamlessly through Bilt and without a transaction fee. That is not changing,” Richard Kerr, Bilt's general manager of travel, said on Instagram.
“The more you use the card, the more you can earn … Or, if you use the card less: Yes, you will earn less,” he continued.
Translation? All Bilt cardholders will still be able to charge their rent or mortgage payments without additional fees. But to earn the full 1x points on those hefty payments, you'll likely be required to spend much more on your Bilt card every month. Currently, just five non-rent transactions each month is all it takes to unlock the full point-earning power on housing payments.
The specifics of exactly how this new setup will work – including how much cardholders will need to spend to unlock the full points-earning potential and whether that will vary from card to card – are up in the air. Bilt is expected to unveil the full details next Wednesday, Jan. 14, ahead of an official launch in early February.
Speaking of those cards…
Bilt's 2.0 Card Lineup
Importantly, neither Kerr nor Bilt disputed the leaked specifics of any of the new cards expected to debut this winter.
As we reported earlier, the company is severing ties with Wells Fargo and introducing a trio of co-branded cards offered by Cardless. That will span from a replacement for the longtime no-annual-fee option to a $495-a-year premium card. Kerr explicitly said the company's top-of-the-line card “will quickly become your favorite rewards card,” that will make “it easier than ever to earn across everyday spend.”
All three will allow renters and homeowners alike to earn points on rent payments. Existing Bilt cardholders will be able to pre-select which of the three cards they'd like to change over to by Jan. 30.
Full details are coming on Wednesday, but here's what the leak spelled out.
Bilt Blue Card (No Annual Fee)
- Annual fee: $0
- Welcome bonus: $100 in Bilt Cash
- 1x points on rent and mortgage payments
- 1x points on everyday spend
- 4% Bilt Cash earned on non-housing purchases
- No foreign transaction fees
- Access to Bilt Neighborhood Benefits
- Ability to use Bilt Cash to offset rent and mortgage transaction fees
Bilt Obsidian Card ($95 Annual Fee)
- Annual fee: $95
- Welcome bonus: $200 in Bilt Cash
- 1x points on rent and mortgage payments
- 3x points on either dining or groceries (cardholder choice; grocery spending reportedly capped)
- 2x points on travel
- 4% Bilt Cash earned on non-housing purchases
- $100 Bilt Travel hotel credit ($50 every six months)
- Cell phone protection
- Ability to use Bilt Cash to offset rent and mortgage transaction fees
Bilt Palladium Card ($495 Annual Fee)
- Annual fee: $495
- Welcome bonus: 50,000 Bilt points after meeting a spending requirement, plus $300 in Bilt Cash
- Bilt Gold status
- 1x points on rent and mortgage payments
- 2x points on everyday spend
- 4% Bilt Cash earned on non-housing purchases
- $400 Bilt Travel hotel credit ($200 every six months)
- $200 in Bilt Cash annually
- Priority Pass airport lounge access
- Ability to use Bilt Cash to offset rent and mortgage transaction fees
Bottom Line
Fret not, renters and homeowners: Bilt swears that fee-free rent and mortgage payments aren't going anywhere if you hold a Bilt Card – or hope to pick up one of the three options set to hit the scene soon.
In its place, Bilt is introducing a charge-more, earn-more system for racking up points on housing payments. The specifics are up in the air, but we should know more soon on Wednesday, Jan. 14.
Stay tuned.
