I’ve been renting apartments since my days as an anesthesiology resident; however, I didn’t discover the original Bilt card until very late in the game, and to be honest, it seemed a little too good to be true.
A card that lets me put a fixed monthly expense (not to mention my largest expense by far) on a card that earns points, with the transaction fee covered? And the only caveat was I had to have four other purchases (no minimum amount each time) during each billing cycle? It was awesome!
The new Bilt 2.0 introduces an entirely different (and way more complex) framework. Rewards require allocating a defined percentage of rent or meeting internal thresholds to unlock value… which makes the card shape behavior rather than simply reward it. The incentive structure becomes conditional, and it seems like a lot of the community is jumping ship.
Now, from a business standpoint, none of this is inherently unreasonable. Wells Fargo was losing tons of money under the prior structure, so I certainly don’t blame companies for refining their economics, evolving their programs, and trying to improve margins.
Unfortunately, this card just isn’t for me anymore, and I’ll be transitioning my rent payments back to my checking account. My credit cards will be a Chase Trifecta – Sapphire Reserve, Ink Unlimited, and Freedom Flex.
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