Bilt Rewards has done something no other credit card company has managed: made it possible to earn valuable travel rewards on the two biggest housing costs in America — rent and mortgage payments — without paying a transaction fee. That premise alone makes Bilt worth paying close attention to.
In February 2026, Bilt replaced its original Wells Fargo-issued Mastercard with three new cards issued by Column N.A. and powered by Cardless: the no-fee Bilt Blue, the mid-tier Bilt Obsidian ($95/year), and the premium Bilt Palladium ($495/year). All three expanded the housing rewards to include mortgage payments, not just rent. This review covers all three cards and the Bilt Rewards program behind them.
Why Bilt Points Are Worth More
The Points Guy values Bilt Rewards points at 2.2 cents each as of January 2026 — the highest valuation of any U.S. credit card rewards currency. The reason: 23 transfer partners including World of Hyatt, United MileagePlus, Air Canada Aeroplan, and Alaska Airlines Atmos Rewards. Hyatt transfers consistently deliver 3–5¢ per point for luxury hotel stays that would otherwise cost hundreds of dollars per night.
All Three Cards: Side-by-Side
| Feature | Bilt Blue — $0/yr | Bilt Obsidian — $95/yr | Bilt Palladium — $495/yr |
|---|---|---|---|
| Annual Fee | $0 | $95 (+$50/auth user) | $495 (+$95/auth user) |
| Welcome Offer | $100 Bilt Cash | $200 Bilt Cash | 50,000 pts + $300 Bilt Cash |
| Housing Payments (Rent/Mortgage) | Up to 1.25x pts (tiered) | Up to 1.25x pts (tiered) | Up to 1.25x pts (tiered) |
| Everyday Earn Rate | 1x all purchases | 3x dining OR groceries (choose annually), 1x all else | 3x dining + 2x travel, 1x all else |
| Annual Hotel Credit | None | $100 Bilt Travel hotel credit (split $50 semi-annually) | $200 Bilt Travel hotel credit |
| Priority Pass Lounge Access | No | No | Yes — unlimited |
| Intro APR on Purchases | 0% for 12 months | 0% for 12 months | 0% for 12 months |
| Transfer Partners | 23 (1:1) | 23 (1:1) | 23 (1:1) |
| Point Value (per TPG Jan 2026) | 2.2¢/pt | 2.2¢/pt | 2.2¢/pt |
| Foreign Transaction Fee | None | None | None |
The Core Feature: Earning on Housing Payments
Every Bilt card earns points on rent and mortgage payments with no transaction fee — something no other major credit card offers. The earning structure uses a tiered system: the more you spend on everyday purchases in a given month, the more points you earn on your housing payment that month.
At the maximum tier, you earn 1.25 points per dollar spent on housing. On a $2,000/month rent payment, that's 2,500 Bilt points per month — worth roughly $55 at 2.2¢/pt — or $660/year in travel rewards just from rent, on top of everything else you earn. For renters paying $3,000/month, that's nearly $1,000/year in travel value.
Mortgage Payments Now Included
The February 2026 Bilt 2.0 launch was the first time any U.S. credit card extended rewards to mortgage payments. Homeowners can now earn points on their mortgage payment through the Bilt app — the same tiered earning structure applies. This opens up Bilt's value proposition to the approximately 65 million American homeowners.
23 Transfer Partners: The Most of Any U.S. Card
Bilt points transfer 1:1 to 23 airline and hotel loyalty programs — more transfer partners than any other U.S. credit card issuer, including American Express (20+) and Chase (14). The standout partners:
The most consistently high-value redemption: World of Hyatt. Park Hyatt hotels regularly cost 12,000–20,000 Hyatt points per night — rooms that retail for $400–$1,000+. Transferring Bilt points to Hyatt at 1:1 can yield 4–8¢ per point in value, well above the 2.2¢ baseline valuation.
Bilt Blue Card — $0 Annual Fee
The Bilt Blue is the entry point to the Bilt ecosystem and the only no-fee card that earns transferable travel rewards on rent and mortgage. It earns 1x on all everyday purchases plus up to 1.25x on housing payments through the tiered system. The welcome offer is $100 in Bilt Cash after approval.
For a $0 fee card, the Bilt Blue is extraordinary. The ability to transfer points to Hyatt, United, and Aeroplan at no annual cost is a genuine market anomaly. The limitation is the flat 1x earn rate — you'd want to pair it with a card that earns more in key categories like dining or groceries.
Bilt Obsidian Card — $95 Annual Fee
The Obsidian is the most balanced card in the lineup. For $95/year, you get 3x points on either dining or groceries (you choose at the start of each year, locked in for 12 months) plus 1x everywhere else. The $100 annual hotel credit ($50 semi-annually toward Bilt Travel hotel bookings) effectively makes the annual fee $0 if you book even one hotel stay per year through Bilt.
The Obsidian competes directly with the Chase Sapphire Preferred at the same $95 price point. The Sapphire Preferred earns 3x on dining without having to choose between dining and groceries, has 14 transfer partners, and includes a broader set of travel protections. The Obsidian wins for renters and homeowners who specifically want to earn on housing payments. If you don't pay rent or a mortgage, the Sapphire Preferred is the stronger everyday card.
Bilt Palladium Card — $495 Annual Fee
The Palladium is Bilt's flagship premium card and the one that generated the most attention at launch. Its welcome offer — 50,000 Bilt points plus $300 in Bilt Cash — is worth roughly $1,400 at TPG's January 2026 valuations, making it one of the most valuable welcome offers available on any card.
The Palladium earns 3x on dining (no choice required) plus 2x on travel, adds Priority Pass lounge access, and includes a $200 annual hotel credit. The automatic Bilt Gold status that comes with the card also unlocks enhanced transfer bonuses during Bilt's periodic Rent Day promotions, where transfer bonuses of 50–100%+ are available.
At $495, it competes with the Capital One Venture X ($395). The Venture X has a lower fee, a self-funding credit structure, and is simpler to use. The Palladium wins for anyone paying significant rent or mortgage who wants to maximize housing rewards while also having a premium everyday card.
Bilt Rent Day: Monthly Transfer Bonuses
On the first of every month, Bilt runs "Rent Day" promotions — often featuring transfer bonuses to specific airline or hotel partners. These bonuses have historically ranged from 25% to 100%+ on select partners, meaning your Bilt points can temporarily be worth 3–5¢+ each when a major bonus is active. This feature is unique to Bilt and substantially increases the program's upside for engaged cardholders.
The Honest Caveat: Bilt Is Complex
Bilt Rewards is the most valuable points program available — but it is also the most complex. The tiered earning structure for housing payments, the annual dining/grocery choice on the Obsidian, the Bilt Cash vs. Bilt Points distinction, and the various redemption options require more active management than a simple cash back card. If you want set-it-and-forget-it simplicity, Bilt is not the right fit.
Bilt Cash vs. Bilt Points — Know the Difference
All three cards offer the option to earn 4% back in Bilt Cash instead of Bilt Points on everyday spend. Bilt Cash redeems at $1 per $1 within the Bilt ecosystem (fitness, hotels, rides, delivery) but cannot be transferred to airline and hotel partners. Bilt Points are transferable and worth up to 2.2¢+ each. Always choose Bilt Points unless you specifically plan to use Bilt Cash for its specific redemption categories.
Pros and Cons
What We Love
- Only cards that earn rewards on rent AND mortgage with no transaction fee
- 23 transfer partners — most of any U.S. card issuer
- Bilt points valued at 2.2¢ each — highest of any U.S. program
- No-fee Blue card gives access to transfer partners at $0 cost
- Monthly Rent Day transfer bonuses can double point value
- All three cards have 0% intro APR on purchases for 12 months
- Palladium welcome offer worth up to $1,400
- World of Hyatt transfers deliver exceptional hotel value
What to Watch Out For
- Earning structure is complex — requires active management
- Must spend to unlock full housing point earning each month
- Obsidian requires annual dining OR grocery choice — not both
- Bilt Cash expires at year end — use it or lose it
- Palladium at $495 requires engagement to justify fee
- Newer issuer (Column N.A.) — less established than Chase/Amex
- No bonus earning on housing if you don't hit spend threshold
Bilt Card 2.0 — Blue, Obsidian & Palladium
The only cards that earn points on rent and mortgage · 23 transfer partners · 0% intro APR 12 months
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Which Bilt Card Should You Get?
Get the Bilt Blue if you want to earn points on rent or mortgage at no annual cost and you're new to travel rewards. The $0 fee with full access to 23 transfer partners including Hyatt is exceptional value — there is no other no-fee card that offers this.
Get the Bilt Obsidian if you pay rent or a mortgage, spend heavily on either dining or groceries, and book at least one hotel per year through Bilt. The $100 hotel credit covers the $95 fee, making it effectively free while you earn 3x on your biggest spending category.
Get the Bilt Palladium if you pay significant rent or mortgage ($2,000+/month), dine out frequently, travel regularly, and want lounge access. The welcome offer alone delivers ~$1,400 in value, and the ongoing earning structure rewards high housing spenders at a level no other card can match.
The Bottom Line
Bilt has built something genuinely new: a rewards ecosystem designed around where Americans spend their largest single monthly expense. The transfer partner depth, the point valuation, and the housing payment earning are all best-in-class. For renters and homeowners who are willing to engage with a slightly more complex rewards structure, the Bilt cards are among the most valuable in the market.
The Bilt Blue is the most interesting no-fee card in America. The Bilt Obsidian is among the best $95 travel cards available. The Bilt Palladium is a compelling premium card for high housing spenders. Whatever your fee tolerance, there's a Bilt card worth serious consideration — especially if you're paying rent every month and currently earning nothing on it.