Deep Analysis of Bilt 2.0: Is It Still Worth It?

The official details for Bilt 2.0 are here and the rumors were tragically accurate! The days of earning points without a transaction fee are over, regardless of which card you choose. Below is my deep dive analysis on Bilt 2.0, weighing whether it’s still a worthwhile option or if it is time to cut ties.

Three Tiers, New Rules: A Closer Look

Bilt 2.0 offers three cards: one without and two with annual fees ($95 and $495). The core change? Every card now requires non-rent/mortgage everyday spending to earn 4% Bilt Cash per dollar. This Bilt Cash is then used to cover the transaction fee, effectively requiring you to spend at least 75% of your monthly rent/mortgage payment to achieve the full 1x point per dollar on rent/mortgage.

Card Breakdown:

Bilt Blue Card ($0 Annual Fee)

• Earning Power:
  • 1x points on everyday spend
  • Up to 1x points on rent/mortgage (depends if you fully covered the transaction fee with Bilt Cash)
  • 4% back in Bilt Cash on everyday spend excluding rent/mortgage
• Signup Bonus: $100 in Bilt Cash
• Additional Benefits: No foreign transaction fees

Bilt Obsidian Card ($95 Annual Fee, $50 Authorized User)

• Earning Power:
  • 3x points on dining or groceries up to $25,000 per calendar year
  • 2x points on travel
  • 1x points on all other spending
  • Up to 1x points on rent/mortgage (depends if you fully covered the transaction fee with Bilt Cash)
  • 4% back in Bilt Cash on everyday spend excluding rent/mortgage
• Annual Perks:
  • $100 in Bilt Travel Hotel credits (given $50 bi-annually and requires a two night stay)
• Signup Bonus: $200 in Bilt Cash
• Additional Benefits: Trip Delay Insurance, no foreign transaction fees

Bilt Palladium Card ($495 Annual Fee, $95 Authorized User)

• Earning Power:
  • 2x points on everyday spending on non-rent/mortgage
  • Up to 1x points on rent/mortgage (depends if you fully covered the transaction fee with Bilt Cash)
  • 4% back in Bilt Cash on everyday spend excluding rent/mortgage
• Annual Perks:
  • $400 for Bilt Travel Hotel credits (given $200 bi-annually and requires a two night stay)
  • $200 Bilt Cash
• Signup Bonus:
  • Limited-time 50,000 Bilt points
  • Bilt Gold Status for a year after spending $4,000 in the first 3 months on non-rent/mortgage spend
  • $300 Bilt Cash
• Additional Benefits: Priority Pass, purchase protection, no foreign transaction fees, extended warranty, and price drop protection.

Important Note: Information compiled from Bilt’s website on January 14th, 2026. Please independently verify details as they are subject to change.

The Transaction Fee Shift & Additional Changes

According to the terms of Bilt 2.0, you now must link a checking account to avoid the 3% transaction fee:

“You must have a Bilt Card Account in good standing and a valid bank account connected to your Bilt Rewards Account. Rent and mortgage payments must be made through the Bilt app or website to qualify.”

Source: Full Bilt 2.0 term

My guess is that the underlying mechanism to pay rent has now switched to ACH transfers. This prevents those payments from directly being applied to your credit line. If you want the rent/mortgage to hits your credit line, the 3% transaction fee applies and Bilt Cash cannot offset it.

A Significant Devaluation: How Does This Compare?

There’s no sugarcoating it, this is a significant devaluation compared to Bilt 1.0. Previously, earning 1x points on rent required only four additional transactions per statement cycle. The ability to “float” your rent (paying later) was a valuable perk. The no annual fee card also offered excellent value with the added benefits of 3x dining and 2x travel rewards.

Bilt Blue Card: Gutted and Empty

Bilt 2.0’s no annual fee option has gutted those multipliers. Now, you must spend 75% of your rent/mortgage to earn 1x points, and the flexibility of floating payments is gone. The reliance on ACH transfers further complicates things. Essentially, you’re paying for Bilt points at a rate of approximately 3 cents per point up to your total rent/mortgage payment. At least folks that had mortgages can now earn points, yay?

Bilt Obsidian: A Niche Appeal

The Bilt Obsidian’s 3x points on dining or groceries is enticing. However, its direct competitors, the Chase Sapphire Preferred ($95 annual fee) and the Citi Strata Premier ($95 annual fee), offer more comprehensive reward structures. The Sapphire Preferred earns 3x on dining, online grocery and select streaming services as well as 2x on travel. The Citi Strata Premier offers even better rewards with 3x on airfare, hotels, restaurants, supermarkets, gas, and EV charging stations.

If you’re drawn to the Obsidian for its grocery benefits, consider pairing the Citi Strata Premier with the Citi Double Cash (0% annual fee) for maximum flexibility. Both cards earn Citi ThankYou Points that can be transferred to various partners, including American Airlines. The Citi Double Cash allows purchases at stores not typically coded as “groceries” (e.g., Costco, Target, Farmer’s market, smaller international grocery stores).

Bilt Palladium vs. Competitors: A Tough Choice

The Bilt Palladium competes with the Capital One Venture X ($395 annual fee) and the Citi Strata Elite ($595 annual fee). However, it sacrifices key travel advantages found in those cards.

Both the Capital One Venture X and Citi Strata Elite have better lounge access compared to Bilt Palladium. In the US, Priority Pass is fairly useless with lounges serving up mostly soda and finger food. The Capital One Venture X has access to Capital One lounges, and the Citi Strata Elite gives you passes to the American Airlines Admirals Clubs. Both lounges are superior to any US-based Priority Pass lounge if you frequently go to an airport that has one.

Furthermore, the Venture X and Strata Elite offer valuable benefits like TSA PreCheck and Global Entry credits, a valuable benefit for air travelers. I love not having to take off your shoes and remove electronics while going through security or speeding through customs when coming home.

Bilt Ecosystem Advantage

The biggest thing that Bilt has going for it now is its transfer partners: Hyatt and Alaska. Bilt is the only program that allows you to transfer to either program. Chase does have Hyatt, but no other program offers both. These two programs’ points are highly valuable and often can be redeemed for outsized value. But this also only works if you 1) frequently fly on Alaska Airlines or their partners 2) go to locations where there are Hyatt properties.

What about the sign up bonus?

With the new Bilt 2.0 structure, the value of sign up bonuses has become a crucial factor in determining card worth. While other cards might offer decent rewards, only the Bilt Palladium’s 50,000 point sign-up bonus is compelling. This bonus unlocks potentially valuable redemptions, like one night at the Alila Ventana Big Sur for 45,000 points or a discounted night (35,000 points off-peak) at the Andaz Tokyo Toranomon Hills. However, if you aren’t getting much value out of the other Bilt Palladium perks, you are essentially buying a night at these hotels for roughly $500. Redeeming these points for business class travel through Alaska Atmos program gives you better value, but you really need to find a 60,000 business class redemptions to make it more worthwhile (You can follow me on socials from the links below, where I post these redemptions every once in a while)

There is also the added complication that there seems to be a one bonus in your lifetime terminology in the terms of Bilt 2.0, so you are banking on this to be their best offer (at least till Bilt 3.0?):

“Welcome bonuses are available only to those who do not currently hold a Bilt Card 2.0 issued by Column N.A., Member FDIC, have not previously held a Bilt Card 2.0 issued by Column N.A., Member FDIC and have not received a Bilt Card 2.0 issued by Column N.A., Member FDIC welcome bonus in the past.”

Source: Full Bilt 2.0 term

The Verdict: Who is Bilt 2.0 For?

For travelers who prioritize a single card with decent value and want access to Hyatt and Alaska transfer partners, the Bilt Palladium might still be worth considering. However, for dedicated credit card and point optimizers, the Bilt 2.0 cards are weak. The increased spending requirements and transaction fee complexities make them less competitive than alternative options available in the market. I would go as far to argue that the days where you get points on your rent for free are over.

What are your thoughts on the Bilt 2.0 changes? Share your experience in the comments below!

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