Bilt has just rolled out a significant revamp of its rewards program, introducing a tiered credit card system alongside a new currency called Bilt Cash. This change is designed to make paying rent and mortgages more rewarding, but the details are complex and come with limitations. Here’s a breakdown of how the system works, what you need to know, and why it’s not as simple as it seems.
The New Bilt Landscape
Bilt now offers three credit cards: the no-annual-fee Bilt Blue Card, the $95 annual Bilt Obsidian Card, and the $495 Bilt Palladium Card. All three earn points on purchases, but a key feature is the introduction of Bilt Cash, which functions separately from standard points. This new currency is central to unlocking benefits such as fee-free rent payments and bonus rewards.
Earning Bilt Cash: The Two Main Paths
There are two primary ways to accumulate Bilt Cash:
- Points Conversion: Earn $50 in Bilt Cash for every 25,000 Bilt points earned, regardless of how those points were obtained.
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Credit Card Spending: All three Bilt credit cards earn 4% back in Bilt Cash on all purchases.
- Bilt Blue: 1x points + 4% Bilt Cash on everyday spending; $100 welcome bonus
- Bilt Obsidian: 3x points on dining/groceries (up to $25K/year), 1x on other purchases, 4% Bilt Cash on all spending; $200 welcome bonus
- Bilt Palladium: 2x points + 4% Bilt Cash on all spending; $300 welcome bonus + $200 annual Bilt Cash.
Bilt Cash expires at the end of the year, with a maximum carryover of $100 to the next calendar year.
Redeeming Bilt Cash: A Maze of Options
Redemptions begin February 1, 2026, and while Bilt advertises “dollar-for-dollar value” for certain redemptions, significant restrictions apply. The program is structured in a way that encourages small, partner-specific credits rather than straightforward cash-back equivalents.
Here’s a look at the redemption options:
- Rent/Mortgage Points Accelerator: $30 in Bilt Cash unlocks up to 1,000 points toward rent or mortgage payments. To cover your housing costs without fees, you’ll need to spend roughly 75% of your housing payment on a Bilt card.
- Small Monthly Credits: $5/month for home delivery, $10/month for Lyft or Walgreens, $120/year for GrubHub, etc.
- Travel Perks: Up to $700/year for BLADE flights, $150/year for Blacklane rides.
- Hotel and Fitness Credits: Up to $1,200/year for hotel stays and $480/year for fitness classes.
- Transfer Bonuses: Use Bilt Cash to unlock higher Rent Day transfer bonuses.
Why This Matters: The Complexity Factor
Bilt’s new program is intentionally complicated. The layers of earning, redemption, and expiration dates require significant effort to maximize value. This complexity isn’t accidental; it forces users to engage with the Bilt ecosystem, driving revenue for the company through partnerships and increased spending.
The program is not designed for casual use. It’s geared toward dedicated users willing to spend substantial amounts on Bilt cards and navigate a labyrinth of redemption options.
The Bottom Line
Bilt Cash introduces a new dimension to the rewards landscape, but its value is heavily conditional. While earning 4% back in cash on spending is attractive, the restrictions and small redemption amounts mean most users will likely struggle to extract maximum value. This program is best suited for those who already spend heavily on rent/mortgage and are willing to optimize their spending within the Bilt ecosystem. Otherwise, the complexity may outweigh the benefits.
