Bilt's Rewards Overhaul Puts Renters at a Crossroads: To Keep or Cancel the Card?
The Bilt Rewards program, a pioneer in allowing renters to earn points on their largest monthly expense, is undergoing a significant transformation. The shift to "Bilt 2.0" introduces a tiered card structure with annual fees up to $495 and, most notably, alters the fundamental mechanics of earning rewards on housing payments. This leaves many of its dedicated users grappling with a pressing financial dilemma: adapt to the new, more complex system or close their accounts.
Effective February 7, the new cards mark a migration from banking partner Wells Fargo to fintech issuer Cardless. Existing cardholders face a January 30 deadline to pre-order and retain their current account number. Those who do not opt in will automatically be converted to a standard Wells Fargo Autograph card, which offers no specialized housing rewards—a stark departure from Bilt's original value proposition.
Bilt carved its niche by partnering with property managers to enable fee-free rent payments that accrued travel and lifestyle points. It found a fervent audience among urban professionals, a demographic that has swelled as high home prices and mortgage rates delay homeownership. While over 5 million use Bilt's payment network, only about 800,000 hold the credit card, which previously required just five small transactions monthly to unlock full points on rent.
The revamped program upends that simplicity. To earn points on rent, cardholders must now spend a significant portion—up to 75% of their rent amount—on everyday purchases. For the casual user who valued effortless rewards on rent alone, the math may no longer be favorable. However, Bilt 2.0 also expands rewards to mortgage payments and offers substantial point multipliers on dining and travel for high spenders, potentially increasing value for a different segment.
"The core appeal for the average renter has certainly been diluted," said financial analyst Clara Mendez. "It's now a card engineered for the frequent spender, not just the renter seeking passive rewards. The mandatory spending threshold creates a 'use it or lose it' dynamic on rent points that many didn't sign up for."
The rollout has been marred by confusion. Following member backlash, Bilt's leadership attempted to clarify the changes through a public note and a Reddit forum. The latter backfired when a company executive posted a dismissive meme about users, for which he later apologized.
For those considering cancellation, credit experts advise caution. "Closing a credit card can immediately impact your credit score by reducing your overall available credit and potentially shortening your credit history," advised Matt Schulz, LendingTree's chief consumer finance analyst. He suggests requesting credit limit increases on other cards first to offset the loss of available credit if closure is necessary. The Wells Fargo Autograph card, the default for non-transitioners, carries no annual fee, allowing users to shelve it without cost.
User Perspectives:
"This feels like a bait-and-switch," says Aisha Chen, a software engineer in Seattle. "I got this card specifically for the straightforward rent points. Now they're moving the goalposts and making me jump through hoops. It's disrespectful to their early adopters. I'm out."
"As someone who spends heavily on dining out and travel anyway, the new multipliers actually make the card more valuable for me," notes David Park, a consultant in New York. "I understand the frustration, but for my profile, the 2.0 upgrade is a net positive."
"I'm frustrated, but I'll probably keep it open for now," shares Marcus Johnson, a teacher in Chicago. "The credit history length is important to me, and the Autograph card they'd switch me to isn't terrible. I'll just stop using it actively."
"Typical. They build a community on a simple promise, then monetize it by making rewards harder to get," argues Priya Sharma, a freelance writer. "It's a cynical pivot that preys on the inertia of users who won't bother to cancel. The executive's 'Redditor' meme said the quiet part out loud about how they view their customers."