Bilt has done it again. First they replaced their credit card with 3 options. Not they have overcomplicated their rewards program to make it work for them. Why so complicated? That complexity comes from flexibility and value, not just design for its own sake. But it does require spending strategy and a little math to maximize. My take is that you need an advanced degree to choose optimally.
Based on my research into the recent Bilt Rewards changes, here is an explanation of why the “Bilt 2.0” program feels so complicated. In short, Bilt transitioned from a simple, single-card program to a multi-card ecosystem with two different reward currencies and complex earning rules. The core reason for the complexity is that Bilt is trying to balance its original promise of fee-free rewards on rent with the need to run a profitable business. This has resulted in a system full of conditions, tiers, and choices that puts the burden of calculation on the user.
Here is a breakdown of the specific factors creating the confusion:
Introduction of Multiple Credit Cards
Previously, there was just one Bilt Mastercard. Now, there are three different cards with varying annual fees and benefits:
Bilt Blue Card: $0 annual fee, lower earning rates.
Bilt Obsidian Card: Mid-tier annual fee, better earning rates and benefits.
Bilt Palladium Card: High annual fee, premium benefits and highest earning potential.
You now have to decide which tier of card justifies its cost based on your spending habits.
Two Confusing Options for Earning on Rent/Mortgage
This is the single biggest source of complexity. Instead of a simple “1 point per dollar on rent,” you now have to choose between two distinct methods each month to earn rewards on your housing payment without a fee.
Option A: The “Tiered Spending” Method (Housing-Only Rewards)
How it works: You earn points on your rent based on how much non-rent spending you put on the card relative to your rent amount. The catch: To get the full 1 point per dollar on rent, your other spending must equal at least 75% of your rent amount. If you spend less, your earning rate drops significantly (down to 0.5x). Why it’s complicated: You have to constantly track your spending percentages to ensure you hit the tiers. It forces you to use the card for everyday purchases just to unlock the rent benefits. Under this option, you do not earn “Bilt Cash” on your everyday spending.
Option B: The “Bilt Cash” Method (Flexible Rewards)
How it works: You earn a new currency called “Bilt Cash” on your everyday spending (e.g., 4% back). You then have to manually “redeem” this Bilt Cash to “unlock” points on your housing payment. The catch: You have to actively manage two currencies. You spend to earn Bilt Cash, then use that Bilt Cash to “buy” the right to earn Bilt Points on your rent. The exchange rate is set (e.g., $30 Bilt Cash unlocks points on $1,000 of rent), adding another layer of math. Why it’s complicated: It’s a multi-step process involving earning one currency to unlock another. Bilt Cash also has expiration rules (it expires at the end of the year, with only $100 rolling over), forcing you to use it or lose it.
A New “Use it or Lose it” Currency: Bilt Cash
The introduction of Bilt Cash adds significant mental overhead. It’s distinct from Bilt Points. It has expiration dates. It’s often redeemed for monthly credits that also reset (e.g., $10 Lyft credit per month), meaning you have to constantly remember to use various small benefits before they vanish.
Summary Table of Confusion
| Old Bilt Program | New Bilt 2.0 Program | Why It’s More Complicated |
| One Card | Three Cards (Blue, Obsidian, Palladium) | You have to analyze annual fees vs. benefits to choose the right card. |
| One Currency (Bilt Points) | Two Currencies (Bilt Points & Bilt Cash) | You have to manage and understand the value and rules of two distinct reward types. |
| Simple Rent Earning (1x points on rent, up to 100k/yr) | Complex Choice (Choose between Tiered Spending ratios OR redeeming Bilt Cash to unlock points) | You must do math every month to figure out which option yields more points based on your spending. |
| No Expiration Nuances | Bilt Cash Expires (Use it or lose it annually, with small rollover) | Adds pressure to constantly monitor and redeem a currency before it disappears. |
| 5 Transaction Rule (Simple minimum use) | Spending Tiers (Must spend % of rent amount to get good rates in Option A) | Replaces a simple rule with a sliding scale that requires constant tracking of spending ratios. |
My overall starting point with something this confusing is that Bilt is banking on people not understanding the complexities of their offering. This will lead to people choosing the less advantageous options and not maximizing their benefits. In other words, Bilt is structuring the program to mislead their customers and deny value to them. My take is that if they wanted to make the system financially viable they could have set this up in a simpler easier to understand model. They wanted to hide the costs and benefits to mislead their customers in how much less valuable the new system would be. They wanted a situation that worked for them but would be enough to hold on to their customers. If they showed the real value, there could be a mass exodus to other credit card issuers. The points for rent were the rock that drove this company but with all the changes is it worth it anymore?