Key Points

• Bilt launches three new credit cards February 7 with annual fees of $0, $95, and $495, replacing the Wells Fargo Mastercard.
• You can now earn points on mortgage payments from any lender, not just rent.
• The catch: You must spend approximately 75% of your housing payment on the card monthly to earn full points through the new Bilt Cash system.

The wait is finally over. After months of speculation and leaked details, Bilt Rewards pulled back the curtain today on its complete Card 2.0 portfolio. If you're a current Bilt cardholder, you have exactly 16 days to decide which of three new cards you want—and trust me, this decision matters more than you think.

Here's everything you need to know about the biggest shake-up in rent rewards since Bilt launched in 2021.

The Three New Bilt Cards: Complete Breakdown

Bilt is moving from Wells Fargo to the Cardless platform and introducing a three-tier card system. Each card earns points differently, and the spend requirements vary significantly.

Bilt Blue Card: The No-Fee Option

Annual Fee: $0

Welcome Offer: $100 in Bilt Cash upon approval

Earning Structure:

• 4% back in Bilt Cash on all everyday spending
• Up to 1x Bilt Points per dollar on rent and mortgage payments
• 1x Bilt Points per dollar on all other purchases

Key Benefits:

• No foreign transaction fees
• Access to Bilt's neighborhood benefits program
• Use Bilt Cash to unlock points on housing payments

This is the natural successor to the current Wells Fargo Bilt Mastercard. The earning structure looks similar at first glance, but the mechanics have changed dramatically. That 4% Bilt Cash becomes crucial for unlocking your rent and mortgage point earnings.

Who should get this: Renters or homeowners who want to keep earning on housing payments without paying an annual fee, but who can meet the new spending thresholds.

Bilt Obsidian Card: The Mid-Tier Choice

Annual Fee: $95

Welcome Offer: $200 in Bilt Cash upon approval

Earning Structure:

• 5% back in Bilt Cash on everyday spending
• 2x Bilt Points per dollar on travel, dining, and groceries
• Up to 1x Bilt Points per dollar on rent and mortgage payments
• 1x Bilt Points per dollar on all other purchases

Key Benefits:

• Everything from the Blue Card
• Higher Bilt Cash earning rate (5% vs 4%)
• Bonus categories for travel, dining, and groceries
• $100 in annual Bilt Cash for neighborhood purchases

The Obsidian card positions itself as a solid everyday card with the best travel credit card earning rates in key bonus categories. That 2x on dining puts it on par with cards like the Chase Sapphire Preferred, while the grocery category is a welcome addition.

Who should get this: Those who spend heavily on travel, dining, and groceries, and want higher Bilt Cash earnings to unlock housing points.

Bilt Palladium Card: The Premium Option

Annual Fee: $495

Welcome Offer: 50,000 Bilt Points, Gold elite status, and $300 in Bilt Cash

Earning Structure:

• 4% back in Bilt Cash on everyday spending
• 2x Bilt Points per dollar on ALL everyday spending (huge!)
• Up to 1x Bilt Points per dollar on rent and mortgage payments

Key Benefits:

• Everything from lower tiers
• Automatic Gold elite status
• $400 in annual Bilt travel credits
• $200 in annual Bilt Cash for neighborhood purchases
• 4x Bilt Points on Lyft rides

The Palladium is Bilt's answer to premium cards like the Chase Sapphire Reserve and Amex Platinum. That flat 2x points on everything is genuinely competitive—Bilt points are valued at roughly 2.2 cents each by most experts, making this effectively 4.4% back on all spending.

The 50,000-point welcome bonus is worth approximately $1,100 in travel value based on typical redemptions through partners like World of Hyatt or United MileagePlus.

Who should get this: High spenders who want premium benefits and can easily justify the $495 annual fee with the travel credits and bonus points.

The Game-Changer: Mortgage Payment Rewards

This is the headline everyone's been waiting for. Starting February 7, you can earn Bilt points on mortgage payments from any lender—not just United Wholesale Mortgage as initially rumored.

Your mortgage payment will be processed via ACH from your linked bank account, which means it won't reduce your available credit. This is actually brilliant: you can pay a $3,000 mortgage without tying up $3,000 of your credit line for everyday purchases.

But here's the catch that's causing controversy across the points community.

How the New Bilt Cash System Actually Works

The days of making five small coffee purchases to earn points on your $2,500 rent are over. Bilt is completely overhauling how you earn points on housing payments, and it requires significantly more engagement with the card.

The Math You Need to Understand

The Formula:

• Every $30 in Bilt Cash = 1,000 Bilt Points on housing payments
• You need approximately 75% of your housing payment in Bilt Cash to earn full points

Real-World Example:

Let's say you pay $3,000 monthly in rent or mortgage.

To earn the full 3,000 Bilt points (1x per dollar), you need $90 in Bilt Cash ($30 x 3 = $90 for 3,000 points).

With the Blue Card earning 4% Bilt Cash, you'd need to spend: $90 ÷ 0.04 = $2,250 in everyday spending per month.

That's $2,250 monthly, or $27,000 annually, in non-housing purchases just to unlock your housing points.

Why Bilt Made This Change

The old system was too easy to game. Many cardholders made five $1 Amazon reloads monthly while earning points on their entire rent. This wasn't profitable for Bilt or its issuing partner.

The new system ensures that Bilt actually makes money from interchange fees on your everyday spending before rewarding you for housing payments. It's more sustainable for the program long-term, but it fundamentally changes who can benefit.

Bilt Cash Expiration Rules

Here's another wrinkle: Bilt Cash expires at the end of each calendar year, with only $100 rolling over to the next year. This means you need to plan your spending strategically throughout the year to maximize your housing point earnings.

You can also use Bilt Cash for:

• Dining experiences in your neighborhood
• Fitness classes and wellness activities
• Travel bookings through Bilt's portal

The Seamless Transition Process

Current Bilt cardholders can breathe a sigh of relief—Bilt has actually made this transition remarkably smooth.

Key Dates:

• Today (January 14): Pre-order opens, full details revealed
• January 30: Last day to select your new card for seamless transition
• February 6: Old Wells Fargo Bilt Mastercard stops working
• February 7: New Bilt Card 2.0 officially launches

What "Seamless" Actually Means:

• Your card number stays the same—all subscriptions and autopay continue working
• Apple Pay and Google Pay automatically update with new card details
• No hard credit inquiry for the upgrade
• Your new physical card arrives by February 6

Your Options if You Don't Want a New Bilt Card:

If you choose not to upgrade, Wells Fargo will convert your account to a Wells Fargo Autograph Card (not the Journey version). This card earns 3x points on dining, travel, gas stations, streaming, and phone plans.

You can also close the Wells Fargo account entirely. Your Bilt Rewards membership and points remain intact—you just won't have a Bilt-branded credit card.

Strategic Analysis: Who Wins and Who Loses?

The Winners

High-spending homeowners: If you were already spending $2,000+ monthly on a rewards card, you can now earn points on your mortgage too. This is genuinely valuable for those with $300,000+ mortgages.

Premium card seekers: The Palladium's 2x points on everything is competitive with top-tier cards, especially when you factor in Bilt's excellent transfer partners like Alaska Airlines and British Airways.

High-income renters: Those already putting significant spending on cards can now consolidate to Bilt and maximize both everyday earning and rent rewards.

The Losers

Low-spend renters: If you only put $500-1,000 monthly on credit cards, you won't earn meaningful points on your rent anymore. The old system was perfect for you—the new one isn't.

Multiple-card optimizers: If you're someone who maximizes different bonus categories across multiple credit cards, you'll now need to shift spending to Bilt to unlock housing points. This might mean leaving better earning rates elsewhere.

Point-minimalists: The new Bilt Cash system adds complexity. You need to track your Bilt Cash balance, plan spending to hit thresholds, and use or lose the cash by year-end.

Comparing Bilt 2.0 to the Competition

Bilt Palladium vs. Chase Sapphire Reserve

The $495 Palladium is clearly positioned against Chase's flagship card. Here's how they stack up:

Earning Rates:

• Bilt: 2x on everything + 4% Bilt Cash
• Chase: 3x on dining/travel, 1x on everything else

Annual Credits:

• Bilt: $400 travel + $200 neighborhood
• Chase: $300 travel + various subscription credits

Transfer Partners:

• Bilt: 22 partners including all major alliances
• Chase: 14 partners, also excellent coverage

The Bilt Palladium actually offers better everyday earning if you value the 2x points structure. However, the Chase Sapphire Reserve has more established benefits and a simpler value proposition.

Bilt Blue vs. Other No-Fee Cards

The Blue Card's value entirely depends on your housing payment. Without rent or mortgage to offset, you're earning 4% Bilt Cash (redeemable at roughly 1 cent each) plus 1x Bilt points—not particularly competitive.

Compare that to:

• Chase Freedom Unlimited: Flat 1.5% back on everything
• Citi Double Cash: Flat 2% back on everything
• Capital One Quicksilver: Flat 1.5% back on everything

The housing payment rewards are what make Bilt special. If you're not earning on rent or mortgage, you might be better served elsewhere.

What Current Cardholders Should Do Right Now

If you're a current Bilt cardholder, here's your action plan:

Step 1: Calculate Your Spending

Pull up your last 3-6 months of credit card statements. How much do you typically spend monthly outside of rent? Be honest with yourself.

Step 2: Run the Math

• Monthly housing payment: $______
• Points you'd earn: $______ (1x per dollar)
• Bilt Cash needed: $______ (housing payment ÷ 1,000 × $30)
• Required spending: $______ (Bilt Cash needed ÷ 0.04 for Blue, ÷ 0.05 for Obsidian)

Can you realistically hit that spending threshold every month?

Step 3: Consider Your Options

If you can hit the spending threshold: Choose the card that best matches your spending patterns:

• Blue: Basic spending, no annual fee
• Obsidian: Heavy travel/dining/grocery spending
• Palladium: High overall spending with desire for premium benefits

If you can't hit the spending threshold consistently: Consider whether the card still makes sense without housing rewards. The Palladium might still work as a primary card, but the Blue Card loses its appeal.

If you're on the fence: You can always start with the Blue Card (no annual fee to risk) and see how it works for a few months.

Step 4: Set a Reminder

You have until January 30 to make your selection. Put a reminder in your calendar for January 25 to make the final decision.

The Mortgage Question: Should Homeowners Be Excited?

Yes and no.

The Good News:

• Any mortgage lender is eligible, not just specific partners
• Payments don't tie up your credit line (ACH from checking)
• Potential to earn 12,000+ points annually on a typical mortgage

The Math Reality:

$250,000 mortgage at 7% = approximately $1,663 monthly payment

To earn full points: Need $50 in Bilt Cash monthly = $1,250 in spending (with Blue Card at 4%)

That's $15,000 annually in non-mortgage spending to unlock roughly 20,000 Bilt points (worth ~$440 in travel value).

Is shifting $15,000 in annual spending to Bilt worth $440? Maybe. It depends on what earning rates you're giving up on other cards and whether you'd naturally spend that much anyway.

What Happens to Your Points and Status?

Good news here: Nothing changes.

Your existing Bilt points remain exactly as they are. The transfer partner network stays the same. Your elite status continues uninterrupted.

Bilt points will still transfer 1:1 to 22 partners including:

• Airlines: United, Alaska, British Airways, Air Canada Aeroplan, and 13 more
• Hotels: Hyatt, Marriott, Hilton, IHG

This continuity is crucial. Your existing points strategy doesn't need to change.

The Community Reaction: What People Are Saying

The points and miles community is... conflicted.

The Skeptics:

"This basically kills the card for low spenders," writes one popular blogger. "The old system democratized rent rewards. The new system only works for people already putting huge spending on cards."

The Optimists:

"Finally, mortgage payments! This makes Bilt relevant to homeowners, which is a massive market expansion," counters another expert.

The Realists:

"It's more complex, yes. But name another card that lets you earn transferable points on housing costs at all. Even with the spending requirement, it's still unique."

All three perspectives have merit. Bilt 2.0 is unquestionably less friendly to casual users, but it's arguably more sustainable long-term and more rewarding for engaged cardholders.

Frequently Asked Questions

Can I keep my current Wells Fargo Bilt card?

No. The Wells Fargo partnership ends February 6, 2026. You must either upgrade to a new Bilt Card 2.0, accept a Wells Fargo Autograph conversion, or close the account.

What if I don't choose a card by January 30?

Your account automatically converts to a Wells Fargo Autograph Card with a new card number. You'll need to update all your subscriptions and autopay arrangements.

Do I need to reapply or go through underwriting?

No. Existing cardholders can select any of the three new cards without a hard credit inquiry. It's truly a seamless upgrade if you choose by the deadline.

What happens to my current Bilt points?

Nothing. Your points balance stays exactly the same and remains fully accessible in your Bilt account.

Can I downgrade or upgrade between the new cards later?

Bilt hasn't announced specific product change policies yet, but this is typically possible with most issuers. However, you won't get another welcome bonus.

Is the Bilt Cash system worth the complexity?

That depends entirely on your spending patterns. If you naturally spend 75%+ of your housing payment on credit cards anyway, it's just a question of directing that spend to Bilt. If you don't, it might not be worth the effort.

Will I lose my current card number?

No! That's one of the best parts of this transition. Your card number stays exactly the same, so subscriptions and autopay continue working without updates.

When can new applicants apply?

Applications for Bilt Card 2.0 open to the general public on February 7, 2026. Current cardholders get early access starting today.

The Bottom Line: Is Bilt 2.0 Worth It?

Bilt Card 2.0 is simultaneously more rewarding and more demanding than the original program.

For high spenders and homeowners, this is genuinely exciting. The ability to earn transferable points on mortgage payments is unprecedented, and the Palladium card offers competitive everyday earning rates.

For casual users and low spenders, this is disappointing. The old system's accessibility is gone, replaced by spending thresholds that might feel impossible to hit.

For most people in between, it's a calculation. Run the numbers honestly. Can you shift enough spending to Bilt to unlock your housing rewards? If yes, this remains the only game in town for rent and mortgage points. If no, you might be better served by simpler cards like the Chase Sapphire Preferred or Capital One Venture.

What's undeniable is that Bilt remains unique. No other program lets you earn transferable points on housing costs—even with the new requirements. Whether that uniqueness is worth the complexity depends on your individual situation.

Current cardholders have 16 days to decide. Choose wisely, but don't overthink it. You can always reassess in a few months once you've experienced the new system in practice.

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