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If you’ve been seeing Bilt 2.0 everywhere and feeling like you should understand it by now, but you don’t, you’re not alone.
Most of the explanations I’ve seen fall into one of two categories:
- extremely technical, or
- extremely excited without explaining the trade-offs.
So this post is doing one thing only:
helping you decide whether this card is even worth your mental energy.
Not whether it’s “good.” Whether it makes sense for you.
If you’re newer to points and want a quick foundation before getting into cards like this, my beginner’s guide is a good place to start.
What Actually Changed With Bilt 2.0
The biggest clarification from Bilt is important:
There is no fee to earn rewards on rent or mortgage payments.
You might have heard there used to be, but they changed that.
Instead of charging a fee and offsetting it, Bilt now lets you choose how you want to earn rewards on housing.
When you activate the card, you pick one of two value structures. You can change it later, but only once per month.
This update only affects how housing earns. All of the everyday earning rates and card benefits stay the same.
Option 1: Tiered Points on Housing (Up to 1.25×)
This is the new, simplified model.
You pay your full rent or mortgage with no transaction fee and earn points directly on the housing payment. Your earning rate depends on how much everyday spend you put on the card each month.
The more you use the card for normal spending, the higher your housing multiplier becomes.
Monthly spend compared to your housing payment:
- Spend at least 25% of your rent/mortgage → 0.5× points on housing
- Spend at least 50% → 0.75× points
- Spend at least 75% → 1× point
- Spend the same or more than your housing payment → 1.25× points
Example:
If your rent or mortgage is $2,000/month, spending $1,500 on the card would earn you 1× points on your housing payment. Spending $2,000+ would unlock the full 1.25×.
If you don’t hit any tier, you still earn 250 points per month on housing.
Two important improvements:
- The old 100,000-point annual cap on rent is gone. You can now earn unlimited housing points.
- You’ll see your progress toward each tier inside the app each month.
Trade-off:
Under this option, your everyday spend does not earn Bilt Cash (you still receive any annual or welcome Bilt Cash credits).
This option is best if you like simple math and want predictable housing earning without managing a second rewards currency.
Option 2: Bilt Cash Model (Original Card 2.0 Structure)
If you prefer the original Card 2.0 setup, this option stays available.
You still:
- Pay your full rent or mortgage with no transaction fee
- Earn Bilt Cash on everyday spending (in addition to base points)
You can then:
- Apply Bilt Cash toward increasing the points you earn on housing, or
- Redeem Bilt Cash for statement credits inside the Bilt ecosystem (with monthly caps), or
- Use it for special perks like transfer bonuses or experiences.
The more you spend on the card, the more Bilt Cash you accumulate.
If you are confused as to the difference between Bilt points and Bilt Cash, you can read all about it in my Bilt Rewards Guide.
This option offers more flexibility and optionality, but also adds complexity.
Why I’m Still Not Using Bilt for My Mortgage (Right Now)
Most of my spending already has a job. I’m usually working toward something specific. So this goes back to always having a plan you are working toward for travel. Redirecting roughly $14,000 of annual spend just to earn incremental housing points doesn’t feel compelling for my setup right now.
Even with the fee gone, the opportunity cost still matters.
So I’m personally not routing my mortgage through Bilt today.
That doesn’t make the card bad. It just means it doesn’t currently outperform what I already use.
Who Bilt 2.0 Makes Sense For
These cards might be for you if…
- Housing: roughly $2,500–$3,500+
- Spend: enough that routing 60–100% of housing in monthly spend doesn’t feel tight
- Reality: you can layer this in without slowing your primary strategy
- Status can unlock strong transfer opportunities
- Portal stacking can amplify value over time
- Value: not just how fast you earn, but what your points can become
- Minimal juggling: fewer cards to manage
- Predictable earning: easier to optimize month to month
- Fewer moving parts: less tracking and decision fatigue
Who Bilt 2.0 Does Not Make Sense For
These cards probably are not a great choice if…
- Housing: ~$1,200–$1,800/month
- Spend: routing meaningful volume here competes with better uses
- Tier progress resets every month
- Some months hit thresholds, others don’t
- No thresholds
- No tracking
- No optimization
If you resonate with any of these scenarios, these cards probably would NOT be a great choice.
Why Rakuten Matters
Even though I’m not using Bilt for my mortgage right now, I haven’t ruled it out, especially the top-tier version.
Two reasons.
- First: Status matters with Bilt, and status has historically unlocked some very strong transfer bonuses.
- Second: As rules tighten elsewhere, I may rely more on shopping portals. If that becomes a bigger part of my strategy, holding Bilt could be useful, even without using it for housing.
The Palladium is the top tier option and the one I am considering. On paper it looks a lot like a card I already keep in my wallet long-term.
Here’s what it offers that is compelling to me: a 50,000-point welcome bonus, 2x on non-housing purchases, and Gold status that would preserve my Rakuten transfer ratio after May. The extra lounge access and hotel credits aren’t a factor for me. I already have those covered with this card (and others) and don’t plan on switching.
A Few Quick Notes
Shopping portals where you can earn points like Bilt might feel confusing. THIS post breaks them down simply.
If you haven’t joined Rakuten, make sure you use a referral link like THIS to get $50 after your first purchase.
If you don’t want to miss updates like this and all of my hot takes, make sure you join my newsletter.
And you can always come chat with me on Instagram.
The Bottom Line
Bilt 2.0 isn’t bad.
It’s not magical.
It’s still math-dependent.
But the strategy question remains: does routing this much spend here improve your overall plan, or dilute it?
If the tier thresholds fit naturally into what you already spend, this card can absolutely be useful.
If it forces trade-offs, complexity, or opportunity cost, you’re not missing out by passing for now.
It’s a precision tool, not a default choice.
And like most good tools in this hobby, it becomes more valuable when your numbers or priorities change.
You can always revisit it later.
You can check all of the Bilt details and categories for spending in my Guide to Bilt as well.
If you want help figuring out what does make sense for your specific situation, I offer free credit card consults here.
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