Bilt Cards 2.0 review: Are they better than the original — and can you still earn points on rent?

Core Insights - Bilt has launched Bilt Card 2.0, transitioning from Wells Fargo to Cardless and Column N.A. Bank, introducing three new credit cards: Bilt Blue Card, Bilt Obsidian Card, and Bilt Palladium Card [1][8] Overview of Bilt Cards 2.0 - The annual fees for the new cards range from $0 to $495, with all three cards allowing fee-free rent and mortgage payments, although the process is more complex than the previous version [2][8] - Each card earns 4% Bilt Cash on eligible purchases and up to 1x points on rent and mortgage payments, with specific spending categories for each card [5] - Bilt Cash is a new reward currency that allows users to offset transaction fees on rent and mortgage payments, with $1 of Bilt Cash equating to $1 in value [15][16][17] Benefits and Features - The Bilt Obsidian Card offers a $100 Bilt Travel hotel credit, while the Bilt Palladium Card provides a $400 hotel credit, split into two semi-annual credits [9][6] - All three cards include cell phone protection, covering up to $800 per claim and $1,000 per card per year, subject to a deductible [10] - The cards can be used anywhere Mastercard is accepted, enhancing their usability [27] Payment Options and Strategy - Users can choose between two options for making rent and mortgage payments: a no transaction fee option using Bilt Cash or a "Max Points" option that incurs a 3% transaction fee [19][20] - To earn points or cover transaction fees, users need to spend 75% of their rent or mortgage payment in eligible non-housing spending each month [22][23] - Bilt Cash earned during the year expires at year-end, with a rollover option for $100 [24] Comparison with Bilt Card 1.0 - The new structure is perceived as less favorable compared to Bilt Card 1.0, which allowed fee-free rent payments with just five transactions per billing cycle [25][26] - The new cards require a minimum monthly spending limit to earn points or cover fees, which may not be as straightforward as the previous model [26] Alternatives and Market Position - The Bilt Blue Card, with no annual fee, has limited earning potential compared to other cards [31] - The Bilt Obsidian Card competes with similarly-priced travel cards, while the Bilt Palladium Card, with a $495 fee, faces competition from premium travel cards [32]