Bilt’s splashy rollout of three new credit cards this week – including a brand-new way to earn points on mortgage payments – was supposed to be a huge win for travelers. Instead, it sparked confusion, frustration, and even some backlash from longtime Bilt members who (understandably) felt the new system made earning points on rent and mortgages needlessly complicated.
Just days later, Bilt is changing course … again.
In a letter sent to members Friday, Bilt founder and CEO Ankur Jain acknowledged the rocky reception and unveiled a brand-new – and what he called “simpler” – way to earn points on housing payments in addition to the spend-more, earn-more model unveiled Wednesday.
“On one hand, there have been record applications for the cards, and I’m excited for members to get them. However, I’ve also seen real and reasonable confusion about the new value proposition – especially around rent and mortgage points. That’s on me, and we’re fixing it,” Jain wrote.
The solution? Instead of outright replacing the new “Bilt Cash” structure that's the new crux of earning points, the company is introducing a second option that would allow cardholders to earn up to 1.25x points on each monthly payment. The upside there is that by spending more, you'll be able to earn even more points on your monthly payment. Still, it forces cardholders to choose between two very different ways to earn rewards on rent and mortgages … and adds yet another wrinkle to an already complicated system.
Let's break it all down.
Why Bilt Is Making Yet Another Change
At the heart of the backlash was Bilt’s new reliance on Bilt Cash – a brand-new currency that requires cardholders to spend heavily on everyday purchases in order to the full amount of points on rent or mortgages. So while Bilt billed it as a “fee-free” payment, you were still paying a hefty amount to get the 1x points.
Under the originally proposed Bilt Card 2.0 model, users quickly realized they’d need to spend roughly 75% of their rent or mortgage amount each month just to earn 1x points on housing – a far cry from the old “five transactions and you’re done” system.
Bilt has been candid about why that old model didn’t work: “If members only purchase four bananas and earn free rent points, it doesn’t allow us to sustain such a rich value proposition for everyone,” Jain wrote.
Still, the message was clear: Too many members felt the new system was both overly complex and less rewarding. This new update is Bilt’s attempt to win them back.
Will it work?
The New Option: Fee-Free Points on Rent & Mortgages
Bilt cardholders can now choose a second, “simpler” earning path for housing payments — one that eliminates Bilt Cash entirely.
With this option, you:
- Pay your full rent or mortgage with no transaction fee
- Earn points on housing automatically
- Skip earning Bilt Cash altogether
- Earn more points as you spend more on everyday purchases
Here’s how it works, using a $2,000 monthly rent or mortgage as an example:
| Points on Housing | Minimum everyday spend as a % of monthly rent / mortgage (Example of $2,000 rent) |
|---|---|
| 0.5x points | Spend at least 25% of monthly rent ($500) |
| 0.75x points | Spend at least 50% of monthly rent ($1,000) |
| 1x points | Spend at least 75% of monthly rent ($1,500) |
| 1.25x points | Spend the same or more as your monthly rent ($2,000) |
Spend the same amount as your rent or mortgage each month, and you’ll earn up to 1.25x points per dollar – all without fees and without touching Bilt Cash. Progress toward each tier will be tracked directly in the Bilt app. And if you don’t meet the minimum thresholds, you’ll still earn a minimum of 250 points per month, just as before.
Importantly, Bilt has also removed the old 100,000-point annual cap on rent and mortgage earnings entirely, no matter which option you choose.
The Original Option Still Exists (Yes, Really)
Despite calling this new structure simpler, Bilt is not replacing the original Card 2.0 model.
Cardholders can still choose the original system, which includes:
- 4% back in Bilt Cash on non-rent spending
- No transaction fees on rent or mortgage payments
Bilt Cash can be used to unlock points on rent or mortgage payments; redeem for Lyft, hotels, dining, GoPuff, and more; access transfer bonuses and exclusive experiences
But perhaps most importantly, you’ll need to choose one option or the other when activating your card – and while you can switch later, changes don’t take effect until the following month.
Again, that adds another layer to what is already an increasingly complex system.
Bottom Line
Bilt’s rollout of Card 2.0 was supposed to unlock unprecedented value – especially with the ability to earn points on mortgage payments. Instead, it clearly left many loyal users confused and frustrated.
This new earning option is clearly a response to that backlash. But rather than simplifying things outright, Bilt has added a second rewards system on top of the first, making the overall experience even more complex – not less.
