Current Bilt Mastercard Benefits

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The existing Bilt Mastercard® (See Rates & Fees) offers compelling rewards for renters with a $0 annual fee. Current cardholders can earn Bilt Points on rent payments with no transaction fee when paying rent, but you must use the card 5 times each statement period to earn points.

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The card's current earning structure includes:

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• 1X points on rent (up to 100,000 points annually)
• 3X points on dining
• 2X points on travel
• 1X points on all other purchases

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Additional benefits include $5 monthly Lyft credits, no foreign transaction fees, and cellular telephone protection subject to $25 deductible (Guide to Benefits).

Enhanced Rewards: Points on Rent AND Mortgage

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One of the most anticipated features is finally arriving: the ability to earn points on mortgage payments through various methods. This expansion comes through a new partnership with United Wholesale Mortgage, with Bilt taking a strategy "very similar to what we're doing with property managers".

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The new cards will maintain the core benefit of earning points on rent with no transaction fee when paying rent, while adding mortgage payment capabilities.

What Makes Cardless Different

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Cardless isn't just another credit card issuer – they're known for launching innovative products quickly and cost-effectively. The fintech company has already launched successful cards including:

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• Qatar Airways Privilege Club Cards: Featuring elite status benefits and lounge access

• Avianca LifeMiles American Express Cards: Popular for award redemption discounts

• TAP Air Portugal American Express Card: Offering Star Alliance benefits and lounge passes

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Cardless offers speed to market, direct integration into airline ecosystems, and unique underwriting methods. Their ability to launch products faster and with lower startup costs than with other issuers makes them an ideal partner for Bilt's expansion plans.

Bilt's Massive $10.75 Billion Valuation

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This credit card overhaul coincides with major funding news. Bilt announced it has raised $250 million in new primary funding, valuing the company at $10.75 billion. The round was led by General Catalyst and GID, with a significant strategic investment from United Wholesale Mortgage.

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The company has evolved far beyond its credit card roots. Bilt says that more than 85% of its members use the platform without having the Bilt Card, showing its transformation into a comprehensive housing and neighborhood commerce platform.

Seamless Transition for Current Cardholders

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Unlike the previous Evolve-to-Wells Fargo transition that required new applications, Bilt promises a smoother experience this time. "We're going to make it super seamless so you can kind of learn all the details, pick what you want and really seamlessly transition into the new card without having to change any of your behavior," Bilt founder Ankur Jain told members of the media.

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Current cardholders will receive more details about the transition process in early fall 2025, with the full launch scheduled for February 2026.

Expanding Beyond Rent: Housing Ecosystem Growth

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The new funding will accelerate Bilt's expansion across the entire housing ecosystem:

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• Condos & HOAs: Partnerships with Douglas Elliman and Century Living will soon allow more homeowners to earn Bilt Points on homeowners association fees

• Student Housing: Bilt is expanding into student housing through a new partnership with Blackstone's American Campus Communities

• Mortgage Services: Direct partnerships with mortgage servicers for end-to-end mortgage loyalty

Transfer Partners and Redemption Options

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Points remain valuable with an extensive list of transfer partners at 1:1 ratios (except where noted):

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Airlines:

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• Alaska Airlines -1:1

• Avianca Lifemiles -1:1

• United MileagePlus® -1:1

• Air France/KLM Flying Blue® -1:1

• Virgin Red® -1:1

• Virgin Atlantic Flying Club -1:1

• Emirates Skywards® -1:1

• British Airways Executive Club -1:1

• Cathay Pacific -1:1

• Turkish Airlines Miles&Smiles -1:1

• Aer Lingus AerClub -1:1

• Iberia Plus -1:1

• Air Canada Aeroplan® -1:1

• TAP Miles&Go -1:1

• Southwest Airlines -1:1

• Japan Airlines -1:1

• Qatar Airways Privilege Club Avios -1:1

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Hotels:

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• Hilton Honors -1:1

• Marriott Bonvoy™ -1:1

• World of Hyatt® -1:1

• IHG® One Rewards -1:1

• Accor Live Limitless -3:2

What This Means for Credit Card Enthusiasts

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The move to Cardless opens up interesting possibilities. Cardless has recently ended its harsh one-card-per-lifetime rule, and their general policies allow for more flexibility than traditional issuers. Current Cardless rules include:

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• 60 days between card approvals

• Must wait 45 days after being declined

• Can only have one card per brand

• You can only have one of a specific card

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Timeline and What's Next

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• Now through Fall 2025: Current Bilt card remains unchanged

• Early Fall 2025: Detailed information about new cards and transition process

• February 2026: Launch of Bilt Card 2.0 with three-card lineup

• Throughout 2026: Mortgage payment capabilities and expanded housing partnerships

FAQ: Bilt Card 2.0

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Will I need to reapply for a new card?

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No, Bilt promises a seamless transition where current cardholders will be moved to the new platform without needing to reapply.

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Can I upgrade to a premium card once the new cards launch?

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Specific upgrade policies haven't been announced yet, but Bilt says they'll provide options for members to choose the card that's right for them.

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Will the 5-transaction requirement remain?

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Yes, you'll still need to use the card 5 times each statement period to earn points on rent payments with no transaction fee.

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When will mortgage payment capabilities be available?

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More details about mortgage payment rewards will be announced in fall 2025, with full implementation expected throughout 2026.

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Are there any changes to transfer partners?

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No changes to points transfer partners have been announced. The current 1:1 ratios with airline and hotel partners remain unchanged.

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Bottom Line

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Bilt Card 2.0 represents a significant evolution for the rent-rewards pioneer. The transition from Wells Fargo to Cardless, combined with new premium card options and mortgage payment capabilities, positions Bilt for major growth in the housing and neighborhood commerce space. While we'll need to wait for fall 2025 to see the full details of these new cards, the promise of enhanced rewards and seamless transitions makes this an exciting development for both current and prospective Bilt members.

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For now, current cardholders can continue using their Bilt card (See Rates & Fees) as usual, earning valuable points on rent payments with no transaction fee when paying rent. The real excitement begins when those mortgage payment capabilities finally arrive.

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Stay tuned for updates as Bilt releases more details about Card 2.0 throughout fall 2025.