Bilt Rewards is officially entering its next chapter. After months of speculation and some leaked hints, the company has officially announced a redesigned lineup of credit cards that greatly expands its ecosystem. The launch of the Bilt Blue, Bilt Obsidian, and Bilt Palladium coincides with a clear pivot from a single no-annual-fee product to a tiered rewards strategy targeted at different types of users.

While the new structure brings stronger earning potential and premium perks, it does significantly change how rent and mortgage payments earn rewards the probably most defining feature of the Bilt program. Below is a complete breakdown of what’s new, how the three cards differ, and who each option is best suited for.

A New Direction For Bilt Rewards

The original appeal of the Bilt was simple: earn transferable points on rent without paying transaction fees. That model helped the card gain rapid adoption, but it was never sustainable long-term. With Bilt 2.0, the company has moved to a more traditional credit card portfolio while preserving its core identity around housing-related payments.

The new lineup introduces:

• Multiple annual fee tiers
• Improved travel and lifestyle benefits
• A new internal currency called Bilt Cash
• A reworked scheme of receiving rewards on rent and mortgage
• With this evolution come opportunities and trade-offs for cardholders

Bilt Palladium: A High-End Card Built for Heavy Spenders

The Bilt Palladium Card sits at the top of the lineup and is clearly designed for users who want simplicity, premium benefits, and strong everyday earning.

Annual Fee: $495

What makes Palladium special is its flat earning structure: cardholders earn 2X Bilt points on all purchases, plus 4% back in Bilt Cash. There are no rotating categories or spending caps to manage.

Key highlights are:

• 50,000-point welcome bonus after qualifying spend
• $300 Bilt Cash awarded upon approval
• Complimentary Gold elite status
• $400 annual hotel credit through the Bilt Travel Portal (divided semiannually)
• $200 in Annual Bilt Cash
• Priority Pass lounge access
• No foreign transaction fees

The card also carries a solid set of benefits, including trip interruption insurance, baggage coverage, extended warranty, and cellular phone protection. A limited-edition mirror-finish version of the card will also be made available in restricted quantities.

From a value standpoint, the annual credits could easily offset the annual fee, which would make Palladium incredibly attractive to travelers who can use the Bilt portal effectively.

Bilt Obsidian: Mid-Tier Option with Flexibility in Categories

This makes the Bilt Obsidian Card arguably the most versatile choice for everyday users who want bonus categories without taking on a premium annual fee commitment.

Annual fee: $95

Obsidian offers cardholders a choice: 3X points on one of two categories, dining or groceries, up to $25,000 annually, which makes personalizing the card to the user's spending habits that much simpler.

Other earning rates include:

• 1X on all everyday purchases + 4% Bilt Cash
• 2X points on travel + 4% Bilt Cash

Additional perks include:

• $100 annual hotel credit through the Bilt Travel Portal
• No foreign transaction fees
• Core Travel & Purchase Protections
  

For many users, Obsidian effectively replaces the original Bilt card by charging modest fees in exchange for expanded rewards and flexibility.

Bilt Blue: Entry-Level with no annual fee

The Bilt Blue Card is the most approachable option in the lineup and parallels what many issuers offer as a no-annual-fee rewards card.

Annual Fee: $0

While it lacks bonus categories, Blue still earns:

• 1X on all regular purchases + 4% Bilt Cash
• No foreign transaction fees

Other crucial protections include trip delay insurance, purchase protection, and phone coverage. You will also receive a $100 Bilt Cash welcome bonus upon approval.

The Bilt Blue is perfect for those who want to be part of the Bilt ecosystem but do not want to pay any annual fees.

How Rent and Mortgage Rewards Have Changed

The most significant update in Bilt 2.0 pertains to how the rewards for rent and mortgage payments are earned.

One key difference is there is no hard limit anymore on the amount of rent or mortgage payments, and users can pay multiple personal leases or mortgages. Importantly, these do not count against your credit limit-a big advantage for those with high monthly housing costs.

However, earning points now comes at a cost.

To earn rewards on rent or mortgage payments:

• You can apply Bilt Cash at a rate of $30 per $1,000 paid.
• Or pay 3% in transaction fees
• Or gain points on only a portion of the payment

This introduces an opportunity cost decision rather than just pure earn-and-forget.

Understanding Bilt Cash

Bilt Cash is now central to the program. It can be used to:

• covering rent or mortgage reward fees
• Hotel reservations
• Exercise classes
• Ride-share and delivery services
• Unlock status perks and limited-time transfer bonuses.

While flexible, Bilt Cash presents a conundrum to points-focused users: Using it to unlock rent rewards can feel inefficient if that same currency could be used for higher-value redemptions elsewhere.

Another drawback is expiration: Bilt Cash resets annually; only $100 can be rolled over. High earners may find themselves losing value if they can't use it strategically before year-end.

Which Card Offers the Best Value?

Each card addresses a different audience

Palladium is best for:

• Heavy spenders
• Travelers who enjoy simplicity

• Those who can maximize portal credits and transfer partners like Hyatt

Obsidian suits:

• Moderate spenders
• Those looking for a strong dining or grocery multiplier
• Users replacing the original Bilt card

Blue works for:

• Fee-averse users
• Renters seeking only basic access to Bilt rewards
• Those who are already carrying several premium cards

The standout here is the Palladium card, which has a flat earning rate and premium transfer partners. If you use it well, the returns from this card can rival or eclipse returns from other popular transferable-point cards.

Final Thoughts: 

Bilt 2.0 is a mature, revenue-conscious rewards program. While it no longer offers the frictionless free points on rent, it makes up for it with stronger earning rates, premium perks, and a broader ecosystem. For users that can actually put some thought into using this program's mechanics especially Bilt Cash the program still offers great value.

It's just a matter of understanding how and when to use each benefit. Like any rewards strategy, the best card is one that aligns with exactly how you actually spend. Bilt now has options for just about every type of user it just takes more intention than before.