The year started with a bang with the much-anticipated launch of Bilt 2.0 for those who like to earn points on their rent (or now even their mortgage).
The launch includes the launch of three new credit cards and a new system that incorporates the secondary rewards currency Bilt Cash as well as the Bilt Rewards points many of us have come to know and love.
Today, just two days after the release of Bilt 2.0, Bilt has made a few more adjustments after listening to some community feedback.
This new release may be information overload for some given the complexity of the Bilt 2.0 system that was just released, but we’ll walk you through it. Most importantly, it largely just introduces new options. Besides giving us all more “homework” on the front end, optionality is generally a good thing.
The main adjustments in Bilt 2.0 are:
- You will have two options for structuring your monthly housing bonus. You can choose the originally announced plan (4% Bilt Cash) or use the new income tiers based on your daily spending on your Bilt card each month.
- If you choose the new tiered structure option, you can earn up to 1.25 points per dollar of housing costs, an increase from before.
- You can switch between the two options at any time (switching takes effect next month).
This applies to all three new cards in the Bilt ecosystem: birt blue card (See Rates and Fees), birt obsidian card (See Rates and Fees) and Birt Palladium Card (See Rates and Fees).
Read on for a complete breakdown of what this means for you.
Bilt announces new tier for earning points on rent or mortgage
The just-announced new option in Bilt 2.0 gives Bilt cardholders a tiered system that rewards housing payment points based on the amount of daily spending on the Bilt card relative to that month’s housing payment.
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Here’s how these layers work:
- If you spend at least 25% of your monthly housing payment on everyday purchases with your Bilt card, you’ll earn 0.5 points per $1 on that month’s rent or mortgage payment.
- If you use your Bilt card for at least 50% of your monthly housing payment on everyday purchases, you’ll earn 0.75 points for every $1 of your rent or mortgage payment that month.
- If you spend at least 75% of your monthly housing payment on your Bilt card on everyday purchases, you’ll earn 1 point for every $1 on your rent or mortgage payment that month.
- If you use your Bilt card to spend your monthly housing payment or more on everyday purchases, you’ll earn 1.25 points per dollar on that month’s rent or mortgage payment.
On some levels, these new tiers have the potential to be more valuable than the original Bilt Cash ratios – and I’d like to see a 1.25x option for higher tiers, which also doesn’t exist in the Bilt Cash system.
As a real-world numerical example, your $3,000 monthly housing payment through Bilt would look like this:
- Spend $750 on everyday purchases with your Bilt card (25% off housing): You’ll earn 1,500 points towards your rent or mortgage payment (0.5x)
- Spend $1,500 on everyday purchases (50% on housing) with your Bilt card: You can earn 2,250 points (0.75x) on rent or mortgage payments
- Spend $2,250 on everyday purchases (75% of housing) with your Bilt card: You can earn 3,000 points (1x) on rent or mortgage payments
- Spend $3,000+ on everyday purchases (100%+ of housing) using the Bilt Card: You’ll earn 3,750 points on your rent or mortgage payment (1.25x)
If you choose this tiering option, you won’t earn Bilt Cash on everyday purchases on your Bilt Card. Instead, you simply earn these levels to unlock free points toward your housing payment.
If you don’t meet the minimum spend requirement of at least 25% to earn 0.5 housing points, you can still earn 250 points per month on your housing payments (just like you did in the Bilt 1.0 system).
Bilt retains Bilt Cash option and clarifies some redemption options
If you’d like to earn 4% in Bilt Cash on everyday purchases (as originally announced when Bilt 2.0 launched), that option is still there.
However, it’s an either/or situation: either use the Bilt Cash system or the just-announced tiering option. You can change your mind each month and make choices that will affect your account’s earnings structure for the next month.
If you insist on using the Bilt Cash method, review these key details:
- In addition to earning Bilt Rewards points, you can earn 4% Bilt Cash Back on purchases you make every day with your Bilt Card.
- Use as little or as much Bilt Cash each month to unlock Bilt points in your housing payment at the previously announced rate of $30 in Bilt Cash = 1 point per $1 earned per $1,000 in housing payments.
- You can also use Bilt Cash in the Bilt ecosystem to obtain one-time status upgrades, experiences, and other services, as well as at eligible merchants in the Bilt ecosystem, such as Lyft, restaurants, hotels, etc. (with monthly caps).
Bilt now clarifies that with this option you can only earn points based on the amount of your housing payment that you have enough Bilt cash to cover, so you won’t have the option to pay a transaction fee to earn points based on the remaining amount.
Either way—the original Bilt Cash option or the new tiered structure—you’ll continue to earn Bilt points on your everyday spending, although the earn rate varies with each Bilt card.
bottom line
If your head hurts a little, we understand. Bildt’s information came out at a rapid pace this week.
The new spending tier options may be suitable for many new Bilt cardholders. For those who already plan to use 75% of their housing payment on their Bilt card for everyday purchases, not much changes. However, if your goal is to reach higher or lower payout levels, the yield may be better.
Perhaps best of all, there’s no need to learn about a whole new currency (Bilt Cash) when you choose to earn points on your rent or mortgage.
