Bilt 2.0’s low-interest premium card takes on Chase Sapphire Reserve—with mortgage and rent rewards
As Americans struggle with an affordability crisis—high inflation and an even higher cost of living, especially when it comes to housing—Bilt is launching three new, low-interest credit cards with rates capped at 10% on new purchases for the first year—including a premium card offering with a $495 annual fee.
The Bilt Card 2.0 series launches on February 7. “Between now and January 30, existing cardholders will be able to seamlessly transition and preorder a new Bilt Card in their Bilt account or online,” according to a statement on the company’s website.
“There is clearly a need for affordability at this point in time more than ever,” Bilt chief executive officer Ankur Jain said in an interview with Bloomberg. “It felt like we should be the brand to do this.”
The move follows President Donald Trump’s call last Friday for a one-year 10% limit on credit card interest rates, saying he supported the Credit Card Competition Act, a bill that if passed by Congress, could provide more oversight on credit card companies.
Here’s what to know.
What are the advantages of Bilt cards?
Bilt cards offer mortgage and rent payments rewards, unlike many credit cards that focus on, say, travel or merchandise points.
This means that Bilt customers earn rewards just for paying their rent and mortgage bills.
However, the rewards are not solely limited to that. Customers also earn points on purchases at any of Bilt’s 45,000 partners, including everything from Walgreens to Lyft to the local gym, according to The New York Times.
What are the three new Bilt 2.0 cards?
There are three new Bilt Card 2.0 credit cards—including a premium card offering with a $495 annual fee, called the Bilt Palladium card.
All three cards earn 4% back in Bilt cash on spending and allow customers to pay their rent and mortgage with no transaction fees.
Here’s a breakdown of the three cards:
BILT BLUE CARD
- A no-annual-fee card with flexible rewards
- $0 annual fee
BILT OBSIDIAN CARD
- Card offers 3X points on dining or groceries, as well as Bilt Travel Hotel credits
- $95 annual fee
BILT PALLADIUM CARD
- Premium card with high-value rewards and elevated benefits like annual Bilt Cash, Bilt Travel Hotel credits, and Priority Pass
- $495 annual fee