Bilt Cash

Bilt 2.0 Has Arrived: Mortgages, New Cards, and a Complex New Currency

If you thought paying rent was the final frontier for credit card rewards, Bilt Rewards just moved the goalposts. On January 14, 2026, Bilt officially launched its "2.0" ecosystem, a massive overhaul that transitions the program away from Wells Fargo to a new issuer, Cardless, and expands rewards to homeowners for the first time.

However, this isn't just a simple refresh. Bilt has introduced a new currency called Bilt Cash and a three-card lineup that fundamentally changes how you earn points on your biggest monthly expenses. Whether you are a renter, a homeowner, or a travel hacker, here is everything you need to know about the new Bilt.

The Big Shift: Bilt Cash and "Unlocking" Points

The days of automatically earning fee-free points on rent with a single card swipe are effectively over. The new system is more flexible but significantly more complex.

Bilt 2.0 introduces Bilt Cash, a rewards currency you earn alongside Bilt Points. You earn 4% back in Bilt Cash on everyday spending on all three new cards. You can then use this Bilt Cash to "unlock" 1x points on your rent or mortgage payments without paying transaction fees.

The Math: To earn 1,000 Bilt Points on housing, you must redeem $30 in Bilt Cash. Since you earn 4% Bilt Cash on general spending, you essentially need to spend about $750 on your card to generate enough Bilt Cash to unlock points on $1,000 worth of rent or mortgage.

If you don't spend on the card, you don't generate the Bilt Cash required to waive the transaction fees or unlock the points on your housing payment.

The New Card Lineup

Bilt has replaced its single card with a three-tiered portfolio. All cards come with a 10% introductory APR on purchases for the first 12 months (subject to approval) and no foreign transaction fees.

Bilt Blue (The Entry Level)

Annual Fee: $0.

Welcome Bonus: $100 Bilt Cash.

Earning: 1x points on everyday spend + 4% back in Bilt Cash.

Housing: Earn up to 1x points on rent/mortgage (must be unlocked via Bilt Cash).

Verdict: Best for casual users who want to offset housing fees without an annual commitment.

Bilt Obsidian (The Mid-Tier)

Annual Fee: $95.

Welcome Bonus: $200 Bilt Cash.

Earning: 3x points on either dining or grocery (capped at $25k/year), 2x on travel, 1x on other spend. Note: You must choose between dining or grocery; you cannot have both.

Perks: $100 annual hotel credit (split semi-annually, requires two-night minimum stay).

Bilt Palladium (The Premium Tier)

Annual Fee: $495.

Welcome Bonus: 50,000 Bilt Points + $300 Bilt Cash + Gold Status (after spending $4,000 in 3 months).

Earning: Unlimited 2x points on all non-housing purchases + 4% Bilt Cash.

Perks: $600 in annual credits ($400 hotel credit + $200 Bilt Cash) and Priority Pass Select membership.

Verdict: This card aims to compete with the Chase Sapphire Reserve and Capital One Venture X by offering a flat 2x earn rate on everything, which is highly valuable given Bilt's transfer partners.

Finally: Rewards on Mortgages

Perhaps the biggest headline is that Bilt 2.0 allows you to earn rewards on mortgage payments, a feature homeowners have requested for years.

This works similarly to the rent mechanic. You can make mortgage payments through the Bilt system using your card. To avoid transaction fees and earn points, you must utilize your accrued Bilt Cash. This effectively allows you to earn 1x on mortgage payments, provided you are putting enough everyday spend on the card to generate the necessary Bilt Cash to cover the transaction costs.

Critical Transition Dates for Current Cardholders

If you hold the original Wells Fargo Bilt Mastercard, you have a decision to make.

January 14, 2026: Pre-orders/product changes opened for the new cards.

January 30, 2026: The deadline to select one of the new Bilt cards. If you do not choose a new card, your account will be converted to a Wells Fargo Autograph card, and you will lose the ability to earn Bilt Points on that card.

February 7, 2026: The new cards go live and the old Wells Fargo Bilt cards stop working.

Is Bilt 2.0 Worth It?

The reception has been mixed. For power users who spend heavily, the Bilt Palladium is a compelling "catch-all" card. Earning 2x transferable points on all spend—which can be transferred to partners like Hyatt and Alaska Airlines—beats the 2x earn rate of the Capital One Venture X for many travelers.

However, the complexity of the "Bilt Cash" unlock mechanism has drawn criticism. Users can no longer simply pay rent and earn points for free without engaging deeply with the card for everyday spending. As one analyst noted, the new system expands beyond rent, "but at the cost of simplicity".

The Bottom Line: If you want to earn points on a mortgage or want a powerful 2x-everywhere travel card, the Bilt Palladium is a strong contender. If you preferred the set-it-and-forget-it simplicity of the old Bilt card for rent, the new requirement to manage Bilt Cash ratios may feel like a hurdle.