Bilt Card 2.0 Review: Is the New Tiered Rewards System Still Worth It for Renters?

For years, the Bilt Mastercard was the "unicorn" of the credit card world—the only card that let you earn points on rent with zero transaction fees and almost no strings attached. But in February 2026, the landscape shifted. With the launch of Bilt Card 2.0, the program has moved from a simple "pay and earn" model to a complex tiered system.

If you are a current cardholder or considering applying, the question is no longer just "can I earn points on rent?" but "is the effort worth the reward?" Here is a deep dive into the new mechanics, the math, and whether Bilt 2.0 still deserves a spot in your wallet.

The Big Shift: From "5 Transactions" to "Spending Ratios"

In the original version of the card, you only needed to make five transactions of any amount (even five $1 lattes) to unlock points on your rent. In Bilt 2.0, that simplicity has been replaced by a tiered structure that links your rent rewards to your "everyday spending."

Option 1: The Tiered Multiplier System

This is the new default for those who want to earn points directly on housing. Your earning rate on rent or mortgage payments is now determined by how much you spend on the card for non-housing purchases relative to your rent amount.

Everyday Spend (as % of Rent)	Rent Earning Rate	Example ($2,000 Rent)
Less than 25%	250 points (Flat)	Spend <$500 $\rightarrow$ 250 pts
25% - 49%	0.5x Points	Spend $500 $\rightarrow$ 1,000 pts
50% - 74%	0.75x Points	Spend $1,000 $\rightarrow$ 1,500 pts
75% - 99%	1.0x Points	Spend $1,500 $\rightarrow$ 2,000 pts
100%+	1.25x Points	Spend $2,000 $\rightarrow$ 2,500 pts

The Reality Check: To earn the same 1x points you used to get for "free," you now have to move 75% of your rent's value in everyday spending (groceries, dining, gas) onto the Bilt card.

Introducing Bilt Cash: The "Secondary Currency"

If the tiered system feels too restrictive, Bilt 2.0 offers Option 2: Bilt Cash. This is a separate currency you earn at a rate of 4% back on everyday purchases (in addition to your standard points).

You can use Bilt Cash in two ways:

To "Buy" Rent Points: You can redeem $30 of Bilt Cash to unlock 1x points on $1,000 of your rent.
As Statement Credits: You can use it dollar-for-dollar for specific "neighborhood" perks like Lyft rides, fitness classes, or select dining.

The Three New Card Tiers

Bilt has expanded from one card to a portfolio of three, each targeting a different type of spender.

Bilt Blue ($0 Annual Fee): The direct successor to the original card. It offers 1x on rent/mortgage and 1x on everyday spend.
Bilt Obsidian ($95 Annual Fee): Aimed at moderate spenders, offering higher multipliers on travel and dining.
Bilt Palladium ($495 Annual Fee): A premium card offering 2x points on all everyday spend and significant travel credits. This is the only card where the "math" easily justifies high rent rewards for big spenders.

The Critical Change: No More "Credit Line" Rent

Perhaps the most significant change in 2026 is that rent is no longer charged against your credit limit.

Previously, you could "float" your rent on your credit card for 30 days. Now, Bilt pulls the funds directly from your linked bank account via ACH. While this prevents your credit utilization from spiking, it also means the "short-term loan" benefit of using a credit card for rent is officially gone.

Is Bilt 2.0 Still Worth It?

It is Worth It IF:

You are a "One-Card" Spender: If you're happy to use Bilt for everything—groceries, dining, and bills—you will easily hit the 75% or 100% threshold to maximize your rent points.
You Pay a Mortgage: For the first time, Bilt allows mortgage payments to earn rewards, making it a game-changer for homeowners.
You Value Transfer Partners: Bilt points remain incredibly valuable (valued at ~2.2 cents each) due to high-tier partners like World of Hyatt and various airlines.

It is NOT Worth It IF:

You "Coupon Clip" Rewards: If you prefer to use a different card for 5% back on gas and another for 4% on groceries, you likely won't spend enough on your Bilt card to earn more than the 250-point minimum on rent.
You Want Simplicity: The 2026 rules are dense. If tracking spending ratios feels like a part-time job, the mental energy may exceed the $20–$40 in monthly value you receive.

Final Verdict

Bilt 2.0 has transitioned from a "no-brainer" for every renter to a strategic tool for loyalists. While it is still the only way to earn rewards on housing without a 3% transaction fee, it now demands your loyalty in every other spending category to make the math work.

Paying Rent with a Credit Card: The Ultimate Guide to Benefits, Risks, and Rewards