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Bilt 2.0, Simplified
Incredible value, even if you don’t maximize
Happy Sunday! Today’s edition will be a little long because there’s a lot to cover. Bilt 2.0 launched on Wednesday, and we did an initial write-up here. (If you don’t care about Bilt, feel free to scroll past all this.)
I was blown away by the value propositions of the new cards, but the internet reaction was… mixed. The new cards introduce complex formulas for earning points on rent (I made calculators) and a heavy emphasis on Bilt Cash, which hasn’t fully launched yet and isn’t completely understood. Within days, Bilt even added an alternative earning track to make things easier—though, ironically, that adds another layer of choice. 😵💫
After a few days, here’s my take so far: maximizing Bilt 2.0 can be complicated—but engaging with it simply can still produce results that range from “very good” to “best on the market.”
The points are amazing
The Bilt 2.0 cards can earn Bilt points at an impressive rate, but that doesn’t mean anything unless the points are good. So I published my explanation of why I think Bilt points are the best when balancing value with ease of use.
That’s subjective, of course. Citi shines with American Airlines, Amex has SkyMiles flash sales, and Chase and Capital One are extremely easy to redeem. But taken as a whole—partners, portal value, and upside—I wouldn’t personally trade a Bilt point for any other transferable point.
The earning rates are, too
Using the Bilt Palladium as an example:
Best case: If your monthly card spend is roughly equal to (or less than) your rent, the Palladium effectively earns ~3.3 Bilt points per dollar on everyday spending.
Worst case: If you earn no points on rent and Bilt Cash ends up having little value, you still earn 2x points on all spending—one of the highest floors available, and on very strong points.
That’s before factoring in Rent Day bonuses, transfer bonuses, or the extra Bilt Cash you earn as you accumulate points. And if you don’t want the Palladium, the same Bilt Cash system applies to the other cards—just with different base earning rates.
The annual fee matters
Of course, high earning rates only matter if the card makes sense financially. The Obsidian and Palladium both rely on hotel credits tied to two-night stays, split across each half of the year—and you have to actively apply the credit at checkout.
If you reliably make (or can prepay) a two-night hotel stay in each half of the year, these credits can work very well—especially since they stack with Bilt Cash and points. If not, the math may be less compelling.
Which card makes sense?
Blue (no fee): A strong option if you never want to pay an annual fee.
Obsidian ($95): A solid mid-tier travel card, and potentially the best long-term option for optimizers.
Palladium ($495): Hard to ignore in year one—the welcome offer alone can more than justify the fee, and you can reassess after 12 months.
Lazy Take 🦥
At worst, the new Bilt cards are among the strongest in their respective categories. At best, the Palladium could be the single most rewarding everyday-spend card on the market. With a huge welcome offer on the table, it may be worth trying—even if you keep things simple.
👉 If you want a deeper dive: I break all of this down in more detail on the blog version of today’s newsletter. Read it here.
This week on the blog 📝
Our main story of course was Bilt 2.0 analysis. The new lineup required an update of our top cards list (we have a new #1).
Meanwhile, I double-checked: you can still get to Europe for $500. (That’s 40,000 Bilt points or less when booking through their travel portal.)
Quick Points of the Week ⚡
Bilt 2.0 💳
We’re doing a special round-up of all the Bilt 2.0 details that are trickling out during the pre-order period.
From the Bilt website: there may be “redemption limits” on Bilt cash.
From a Reddit AMA with Bilt executive Richard Kerr:
Existing cardholders are eligible for the sign-up bonuses (rent payments do not count toward earning it)
You will be able to downgrade your card after a year
You can choose not to use Bilt Cash to earn points on rent, and use it for other things
You can mix and match Bilt Cash, the annual hotel benefits on the Obsidian or Palladium, and Bilt points on a single hotel booking
You can earn Bilt points on as many rent/mortgage/HOA payments as you want
If you pay your rent via paper check, that will still be an option with Bilt 2.0
Rent Day will still exist, but the details are yet to be determined
You cannot use Bilt cash to cover the transaction fee when paying rent with other cards
If your application is denied, there is a reconsideration line
No answers yet on fee waivers for military members
From Frequent Miler: On the Obsidian card, you will be able to switch between dining and groceries as your 3x category once a year, in January. Also, some users have experienced a less-than-seamless transition.
More value 📈
TSA Touchless ID is expanding. TPG has a list of airports where your PreCheck can get you through security even faster.
Extra points 🪙
Earn 2,000 points on your next Hilton stay. Just a reminder: check for hotel offers just before booking and again before you check in. I booked a Hilton stay months ago that will now earn me some extra points. (OMAAT)
New programs and tools 🆕
Breeze Airways revamps its loyalty program. It may be worth checking out if you’re a Breeze regular. (AwardWallet)
Don’t miss out on Sapphire Reserve hotel credits. EditMaxxer is here to help. (Frequent Miler)
Warning ⚠️
Saks files for bankruptcy. It’s official; implications for Amex Platinum credits are still unclear. (TPG)
Sign-up bonus of the Week 🎯
The bonus of the week is the 50,000 points + Bilt Gold status on the Bilt Palladium. There’s no history of Bilt welcome offers to compare this to, so it’s possible that this offer could be bested in the future. Launch offers have historically been high points for sign-up bonuses, but both Chase and Citi ended up increasing their points offers after launch last year. Still, an offer this high on a card this good is rare. 🔥🔥🔥🔥
Other great current bonuses
100k points on the Citi Strata Elite (our take: 🔥🔥🔥)
125k (175k?) points on the Chase Sapphire Reserve (our take: 🔥🔥🔥)
80k miles on the Citi AAdvantage Platinum Select (our take: 🔥🔥)
5 free nights + airline credits on the Marriott Boundless (our take: 🔥🔥)
75k points on the Chase Sapphire Preferred (our take: 🔥)
Enjoy the weekend! 🦥
I did my best to keep the math at bay.
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