Bilt Is Surveying Potential Credit Card Changes. Are They Any Good?

Bilt has recently sent surveys to its members to discuss potential changes to its credit card lineup — something the program is referring to as “potential Bilt Card 2.0” as nothing is set in stone.

Among the survey options, customers can voice their preferences for A or B on credit cards with a $0, $95, or $550 annual fee. All or none of these may come to fruition, and members can share additional feedback along the way.

With changes, there are always winners and losers. Some people will love Bilt’s potential new credit cards, while others won’t.

Let’s look at the survey options to see what Bilt might be up to — plus the pros and cons of each card.

Bilt World Elite Mastercard^® Overview

The Bilt Rewards program currently has 1 credit card — the Bilt Card — with an annual fee of $0 (rates & fees). The card is issued by Wells Fargo, and it includes the following earning rates:

• 5x (or more) points on Neighborhood Dining
• 5x points on Lyft rides when you link your Bilt account and pay with your Bilt Card
• 3x points on dining
• 2x points on travel
• 2x points on Walgreens purchases
• 1x points on other purchases
• 1x points on rent (up to 100,000 points per calendar year)
• Double points on the first of each month (excluding rent, up to 1,000 bonus points)
• Note: you must use the card 5 times each statement period to earn points

The card also includes $5 monthly Lyft credits, built-in protections for travel, no foreign transaction fees, and cellular telephone protection (rates & fees).

This is a solid lineup on a $0-annual-fee card. The card’s main selling point — or the main selling point of Bilt Rewards from its launch date — is the ability to earn points on rent without any administrative or transaction fees along the way. Paying rent with other credit cards can lead to fees of around 3% of the transaction cost, which adds up quickly.

Bilt’s Potential Credit Card Changes

Bilt is now surveying its members about potential changes to the credit card lineup. All or none of these cards could become real, as nothing is finalized. We could see changes to the current Bilt Card, we could see the launch of another card, or we could see changes that aren’t included in this survey — based on member feedback received in the survey.

“As we spend the next several months building Bilt Card 2.0, we want to find out what matters most from our most passionate members,” according to a spokesperson for Bilt.

With the understanding that none of these new or refreshed cards are guaranteed, let’s take a look at what could be happening and weigh the positives against the negatives.

No Annual Fee

The first option surveyed is a card with no annual fee. Both cards would earn 1x points on rent and mortgage payments. That’s where the similarities end.

Option A would earn 1.5x points on everyday spending, putting it into consideration for a great everyday spending card. It would also earn 4x points at Bilt Neighborhood dining, Walgreens, and Lyft.

Conversely, Option B wouldn’t have any 4x categories but would add additional categories into 3x and 2x categories. You’d earn 3x at Bilt Neighborhood dining, Walgreens, and Lyft, and you’d earn 2x points on gas, grocery, and dining expenses.

Which card is better? That depends on your spending habits. If you spend a lot with Walgreens and Lyft, you’ll like Option A. You’ll also like Option A if you have a lot of “other” purchases on your card each month, earning an extra half a point on those expenses with every swipe. Option B will be better for people who want rewards on groceries, gas, and dining — a significant portion of monthly spending for many people.

$95 Annual Fee

The next option sits at $95 per year — an annual fee we see on popular cards like the Chase Sapphire Preferred^® Card and Capital One Venture Rewards Credit Card. How would this version of a Bilt credit card stack up?

The cards would continue to earn 1x on everyday spending and 1x on rent and mortgage, and both cards would include up to $170 in annual credits — something we’ve seen American Express doing consistently in recent years, which has its lovers and haters. Credits would include up to $60 with Bilt Fitness partners, up to $60 in Walgreens credits, and up to $50 as Bilt hotel credits. How these credits would be triggered (and whether they’re divided into quarterly or monthly amounts instead of annual allotments) is unknown.

Option A and Option B would both offer 5x points on Bilt Neighborhood dining and Lyft, but Option A would also give 5x points on Walgreens and hotels booked through Bilt — likely in the Bilt Travel Portal.

Beyond this, Option A has 2x points on dining, grocery, and gas, but Option B puts dining in the 3x category — along with Walgreens. Option B also has 2x on travel, but Option A doesn’t offer bonus points on travel.

If you spend a lot on travel, Option B is better — unless most of your travel spending is on hotels in Bilt’s travel portal. Option B is also better for those who spend a lot on dining, while Option A makes more sense for those spending a lot with Walgreens, groceries, or gas.

$550 Annual Fee

The third option is a card with a $550 annual fee, matching the annual fee of the Chase Sapphire Reserve^® and Bank of America^® Premium Rewards^® Elite Credit Card but charging more than the Capital One Venture X Rewards Credit Card. It’s comparatively cheaper than The Platinum Card^® from American Express, though.

Like those cards, this card would feature a Priority Pass membership, which would be available for enrollment and provide lounge access during trips. We don’t know whether this Priority Pass membership would include access to restaurants, spas, and nap rooms, as not all issuers include those in the membership.

Both cards would also include up to $380 in annual credits. How they would be allocated or triggered is unknown, but credits would include up to $200 with Bilt Travel hotel credits, up to $120 in Bilt Fitness credits, and up to $60 in Walgreens credits.

Interestingly, Option B would be the only card in the entire survey that earns above 1x points on rent, earning 1.25x points on rent and mortgage payments.

Both A and B would earn 5x points on hotels booked through Bilt, Lyft, and Walgreens. Option A would also add 5x earnings on Bilt Neighborhood dining. Option B would put that spending into a 4x category. While Option A gives 4x on flights booked directly with an airline, Option B only awards 3x for these expenses.

Option A has 2x on dining, but B has 2x for grocery and gas.

Which card is better? Those who spend a lot on dining and flights will like A. Those who’d prefer boosted earnings on gas and groceries will prefer B.

What’s Happening Here?

Bilt is considering changes to its credit card lineup, and it’s tough to understand exactly what’s happening behind the scenes.

Bilt’s current credit card doesn’t charge an annual fee and markets itself toward people who want to earn points on rent. Could the company convince those people to pay a $95 annual fee in exchange for some extra perks and extra points? Maybe.

However, it seems like a big stretch to try to convince Bilt’s current customers to bump from $0 to $550 per year for a credit card. To do that, Bilt will need to convince people who a) want to earn points on rent and b) want a lot of perks that their card is the one to hold — while also praying those people don’t already hold a credit card that gives them lounge access (or at least convince those people the new Bilt Card would be worth closing that other card). That seems like a tough assignment.

Moreover, Bilt seems to see what Amex is doing with its annual credits and is thinking about following suit. These credits often result in breakage — people not using them for their full value — which provides extra profits for the card issuer. This aspect will definitely have its detractors.

However, Bilt’s survey allows people to address any gaps they may see in earning rates or benefits not covered. That means we may see a final product that looks vastly different than the 6 cards in this survey.

Final Thoughts

Bilt is surveying its members about 6 potential credit cards, 2 each at the $0, $95, and $550 annual fee levels. There are some positives to highlight for each, and the card options with annual fees have some negatives that leave us with questions. Those will only be answered if or when Bilt launches a card at an unknown date in the future.