Rent and mortgage payments are often the largest monthly expenses people have, yet for years they generated zero rewards. Bilt changed that by turning housing into a source of flexible, transferable points, rather than locking users into a single airline or hotel brand.
As a result, Bilt Rewards has earned repeated coverage from us (and from many other points-and-miles blogs) because it tackles a problem no other major program solved in a meaningful way.
With the launch of Bilt 2.0, the program shifted from simplicity to flexibility. It also involves a lot more math. The intent to gamify the program is obvious but the effort might have gone too far- time will tell. It took us a while to figure the details out. You can read our full experience applying for the Bilt Palladium card.
So we have create a Bilt Rewards Calculator so that you don’t have to spend too much time trying to make sense of the numbers. If you see an error, reach out to us and we will fix it.
Bilt 2.0 Calculator
Bilt 2.0 Strategy Dash
Option A: Use Cash to Offset Rent Fee (3%)
Option B: Keep Cash for Direct Use
A few things to note: the calculation isn’t exact because of the 1-4x categories but should give you an idea. We assume 1X for Blue, 1.5X for Obsidian, 2X for Palladium, this is the average.
You might see you are getting better value with the Bilt Cash, but you need to spend those by the end of the year (only $100 rolls over). Is $1 in Bilt Cash equal to $1? You need to judge that too.
It has other components such as annual credits, and $50 cash for every 25K points, we have taken that into account.
If your CPP is low (e.g., 1.5), the “Keep Cash” value will often be higher, because you’re “buying” points for 3 cents each ($30 for 1,000) that are only worth 1.5 cents.
The Palladium card gives you $200 annual cash, so we have taken that into account.
What Changes in Bilt 2.0
Our original deep dive into the program explains why Bilt 1.0 stood out and why it quickly became a staple in many points strategies. We have also consistently covered Bilt Rent Day because it remains one of the most reliable sources of outsized value in the flexible points space. Monthly transfer bonuses and promotions have included airlines, hotels, and even retail redemptions, several of which we have covered in detail, such as the Southwest, Accor, and gift card–focused Rent Days.
Card issuance moved to Cardless, and Bilt introduced a new side currency called Bilt Cash. Under the new structure, points on rent or mortgage are no longer automatic. Instead, everyday spending generates Bilt Cash, which is then used to unlock points on housing payments or offset transaction fees.
This change makes the program more complicated, but also more customizable. Bilt is no longer just a “rent rewards” program. It now functions as a flexible points engine, where your non-housing spend determines how much value you extract from your rent or mortgage.
Rent/Mortgage payments will no longer be charged to your line of credit. It will be taken directly from your linked ACH. You may be able to connect a card from another issuer and pay the rent, we will have to see. But in terms of getting points, this does not matter. You still get the full points for paying your mortgage.
The requirement for 5 monthly transactions has gone away.
Earning Bilt points and cash
The three Bilt 2.0 credit cards
Bilt 2.0 introduced a three-card lineup designed to scale with how much value you want to extract from the program. All three cards are issued by Cardless on the Mastercard network, earn Bilt points on purchases, and generate 4% back in Bilt Cash on non-housing spend. The real difference lies in how aggressively each card earns points and how many built-in perks you get along the way. You can refer to our Bilt Rewards Calculator above.
The Bilt Blue Card:
This card is the entry point and carries no annual fee. It earns 1X Bilt points on everyday purchases and up to 1X on rent or mortgage when points are unlocked using Bilt Cash or when a transaction fee is paid. Blue is best suited for renters or homeowners who want access to Bilt’s flexible transfer partners without paying an annual fee, or for those who already have strong bonus-category cards and simply want to keep earning points on housing.
| Feature | Details |
|---|---|
| Annual fee | $0 |
| Welcome bonus | $100 Bilt Cash |
| Earn structure | 1x points + 4% Bilt Cash |
| Rent / mortgage | Up to 1x when unlocked |
| Best for | No-fee entry to Bilt ecosystem |
The Bilt Obsidian Card
It adds structure for people who want stronger category bonuses. With a $95 annual fee, it earns 3X points on either dining or groceries, with the category locked in for the calendar year, 2X points on travel, and 1X points on everything else, all while still earning 4% Bilt Cash on non-housing spend. Obsidian also includes a $100 annual hotel credit through the Bilt travel portal, split into two $50 credits with minimum stay requirements, along with enhanced travel protections. This card makes the most sense when its bonus categories align closely with your everyday spending.
| Feature | Details |
|---|---|
| Annual fee | $95 |
| Welcome bonus | $200 Bilt Cash |
| Earn structure | 3x dining or groceries, 2x travel, 1x else + 4% Bilt Cash |
| Rent / mortgage | Up to 1x when unlocked |
| Annual credit | $100 Bilt hotel credit |
| Best for | Dining or grocery heavy spenders |
The Bilt Palladium Card
It carries a $495 annual fee and is designed to be a high-earning catch-all. Palladium earns 2X points on nearly all non-housing purchases, stacks the same 4% Bilt Cash, and allows unlimited 1X earning on rent and mortgage when points are unlocked. It comes with a large welcome bonus, automatic Bilt Gold status, Priority Pass lounge access, a $400 annual hotel credit through the Bilt portal issued in two $200 chunks, and a recurring $200 Bilt Cash credit each year. In the right setup, Palladium can act as a powerful flexible points generator for unbonused spend, but it requires consistent spending and comfort with portal-based credits to justify the annual fee.
| Feature | Details |
|---|---|
| Annual fee | $495 |
| Welcome bonus | 50k points + $300 Bilt Cash |
| Earn structure | 2x everywhere + 4% Bilt Cash |
| Rent / mortgage | Up to 1x when unlocked |
| Annual credits | $400 hotel + $200 Bilt Cash |
| Extras | Priority Pass, Bilt Gold |
| Best for | High unbonused spend + housing payments |
Together, the three cards allow Bilt members to choose how deeply they want to engage with the ecosystem. Whether you want a no-fee way to earn transferable points on rent or a premium card designed to maximize everyday spend, the Bilt 2.0 lineup is built to scale with your usage rather than force everyone into the same model.
Earning Bilt points now centers on everyday spend. All eligible non-housing purchases earn Bilt points and also earn Bilt Cash. That Bilt Cash is then used to unlock points on rent or mortgage, effectively turning your regular spending into a multiplier on your housing payment.
Beyond card spend, Bilt still offers multiple earning channels. Dining at Bilt partner restaurants, booking Neighborhood Fitness classes, linking Lyft, and booking through the Bilt travel portal all generate additional points. Rent Day promotions on the first of each month remain a key part of the ecosystem, often stacking bonus earning with limited-time transfer incentives.
Taken together, these layers mean Bilt can function as a full earning platform rather than a single-use rent card, especially for members who engage beyond just paying rent.
Redeeming Bilt points
Bilt points are most valuable when treated as transferable travel points, not as cash equivalents. You can redeem points in several ways, but the value varies widely depending on the option you choose.
Points can be used through the Bilt travel portal at a fixed value, which offers simplicity but caps upside. Other redemptions, such as Amazon purchases or applying points toward rent, exist but generally deliver lower value and are best seen as backup options.
The real strength of Bilt lies in transfers to airline and hotel partners, which is where most members will get the highest return on their points.
Redeeming Bilt Cash
Redeeming Bilt Cash (the currency launched in January 2026) is fundamentally different from redeeming Bilt Points. While points are flexible and best for high-value travel transfers, Bilt Cash is a fixed-value currency designed for use within the Bilt ecosystem.
1. The Two Redemption “Modes”
You generally have two ways to spend your Bilt Cash, and they offer very different “value” per dollar.
| Redemption Mode | How it Works | Effective Value |
| Ecosystem Credits | Use as cash for Lyft, Dining, Hotels, or Fitness. | $1.00 per $1.00 |
| Housing “Fuel” | Use $30 to unlock 1,000 points on $1,000 of housing. | $0.73 per $1.00* |
2. Where to Spend Bilt Cash (Dollar-for-Dollar)
If you decide to save your Bilt Cash for the “Ecosystem” to get the full $1-for-$1 value, these are your primary options within the Bilt app:
- Bilt Travel Portal: Apply Bilt Cash directly to hotel bookings. Pro Tip: This stacks with the $400 annual hotel credits on the Palladium card.
- Lyft Credits: Link your accounts and convert Bilt Cash into Lyft credits for immediate use.
- Mobile Dining Checkout: Use Bilt Cash to pay your tab at over 20,000 “Bilt Neighborhood” restaurants when paying via the app.
- Fitness Classes: Book SoulCycle, Solidcore, or Rumble classes directly with your cash balance.
- Gopuff (Home Delivery): Redeem for credits on everyday essentials delivered to your door.
3. Strategic “Bilt Cash” Hacks
- The Status Boost: You can “spend” Bilt Cash to temporarily boost your status tier for one day. This is most powerful on Rent Day (the 1st of the month) to unlock higher transfer bonuses (e.g., boosting from Silver to Gold to get a 100% transfer bonus to Flying Blue).
- The $100 Rollover: Remember that Bilt Cash earned in 2026 expires on December 31, 2026. You can only roll over $100 to 2027. If you have $250 in your account in December, you must spend at least $150 on Lyft or Hotels to avoid losing it.
- FIFO Spending: Bilt uses a “First-In, First-Out” system. When you redeem, the app automatically spends your oldest Bilt Cash first to help you manage the expiration deadlines.
4. How to Earn More Bilt Cash
Beyond the 4% back on your Bilt 2.0 card, you also earn $50 in Bilt Cash every time you hit a 25,000-point milestone. This replaces the old “Milestone Rewards” system and is deposited automatically into your wallet.
Transfer partners and flexibility
Bilt’s transfer partner list is one of its biggest strengths. Points transfer at a 1:1 ratio to a wide range of airline and hotel programs, allowing you to decide later where your points are most useful. This flexibility is especially valuable when travel plans are uncertain or when award pricing varies significantly between programs.
| Transfer Partner | Type | Transfer Ratio |
|---|---|---|
| Aer Lingus AerClub | Airline | 1 : 1 |
| Air Canada Aeroplan | Airline | 1 : 1 |
| Air France-KLM Flying Blue | Airline | 1 : 1 |
| Alaska Airlines Atmos Rewards | Airline | 1 : 1 |
| Avianca LifeMiles | Airline | 1 : 1 |
| British Airways Executive Club | Airline | 1 : 1 |
| Cathay Pacific Asia Miles | Airline | 1 : 1 |
| Emirates Skywards | Airline | 1 : 1 |
| Etihad Guest | Airline | 1 : 1 |
| Iberia Plus | Airline | 1 : 1 |
| Japan Airlines Mileage Bank | Airline | 1 : 1 |
| Qatar Airways Privilege Club | Airline | 1 : 1 |
| Southwest Rapid Rewards | Airline | 1 : 1 |
| Spirit Free Spirit | Airline | 1 : 1 |
| TAP Portugal Miles&Go | Airline | 1 : 1 |
| Turkish Airlines Miles&Smiles | Airline | 1 : 1 |
| World of Hyatt | Hotel | 1 : 1 |
| Hilton Honors | Hotel | 1 : 1 |
| Marriott Bonvoy | Hotel | 1 : 1 |
| IHG One Rewards | Hotel | 1 : 1 |
| Accor Live Limitless (ALL) | Hotel | 3 : 2 |
On the hotel side, Bilt pairs particularly well with World of Hyatt, which continues to offer strong award pricing relative to cash rates. We cover Hyatt in depth here.
On the airline side, Bilt’s partners make it easy to access both domestic and international awards, including premium cabin redemptions that often deliver far more value than fixed-value bookings.
Sweet spots to focus on
The biggest sweet spots with Bilt come from combining three elements: transferable points, strong partners, and timing. Moving points during Rent Day transfer bonuses can dramatically increase their value. Programs like Hyatt, Aeroplan, Flying Blue, and Turkish Miles&Smiles routinely offer redemptions that outperform simple cash-back alternatives.
Another sweet spot is optionality. Because Bilt points are not tied to one issuer’s ecosystem, you can earn now and decide later, once your actual travel plans take shape.
Things to watch out for
Bilt 2.0 requires intention. If you do not generate enough Bilt Cash (again, use the Bilt Rewards Calculator) through non-housing spend, your rent or mortgage may earn fewer points or none at all unless you pay a fee. Bilt Cash is also not true cash back, as it comes with usage limits and expiration rules.
Portal-based hotel credits, especially on premium cards, add friction and may not align with how you normally book travel. And for households with very large mortgages relative to monthly spend, unlocking full value may not be realistic.
Bottom line
The new program is more complex, but run the numbers to see if it makes sense to you. We have made it easier with our calculator. You can earn some valuable points and come out on top, but you have to play it carefully. If you don’t want to use the card for everyday spending, then I won’t recommend them.
