Bilt 2.0 Revealed: Is It Still Worth It?

The rumor mill regarding “Bilt 2.0” has stopped spinning and started leaking. As of January 7, 2026, details buried in the Bilt Rewards website code (JSON files) have surfaced, giving us our first concrete look at the future of rent rewards. It appears the “one card fits all” model is dead.

The leaked data confirms a move from Wells Fargo to new issuer Cardless and a tiered ecosystem modeled after airlines or American Express: a free entry-level card, a mid-tier workhorse, and a high-fee luxury metal card. The codenames found—Blue, Obsidian, and Palladium—indicate a massive shift in strategy.

The Leaked Card Tiers: Blue, Obsidian, & Palladium

According to the JSON data found on the Bilt site, the new lineup splits the product into three distinct tiers. The most notable change is the introduction of “Bilt Cash” alongside “Bilt Points.”

1. Bilt Blue Card (The Entry Level)

This appears to be the replacement for the current no-fee card, but with a twist regarding how rent fees are handled.

• Annual Fee: $0
• Welcome Bonus: $100 Bilt Cash (Estimated)
• Earning Rates:
  • 4% Bilt Cash on everyday spend
  • 1X Points on rent, mortgage, and everyday spend
• Key Benefits: No foreign transaction fees, Neighborhood Benefits program.

2. Bilt Obsidian Card (The Mid-Tier)

Targeting the $95 market (competing with Chase Sapphire Preferred), this card adds category bonuses.

• Annual Fee: $95
• Welcome Bonus: $200 Bilt Cash (Estimated)
• Earning Rates:
  • 4% Bilt Cash on everyday spend
  • 3X Points on Dining OR Grocery (Choice of one; Grocery capped at $25k/yr)
  • 2X Points on Travel
  • 1X Points on rent, mortgage, and everyday spend
• Key Benefits: $100 Bilt Travel hotel credit ($50 every six months), Cellular Telephone Protection.

3. Bilt Palladium Card (The Luxury Tier)

This is the “Reserve” competitor we expected. The benefits are aggressive.

• Annual Fee: $495
• Welcome Bonus: 50,000 Bilt Points + Gold Status (after $4k spend in 3 months) + $300 Bilt Cash.
• Earning Rates:
  • 4% Bilt Cash on everyday spend
  • 2X Points on everyday spend (Stacking with the cash?)
  • 1X Points on rent and mortgage
• Key Benefits: $400 Bilt Travel hotel credit ($200 every six months), $200 annual Bilt Cash, Priority Pass.

The “Bilt Cash” Trap: How Rent Fees Might Work

The most confusing part of the leak is the phrase: “4% Bilt Cash on everyday spend” combined with “Use Bilt Cash to waive rent and mortgage transaction fees.”

My Theory: Bilt is removing the blanket “fee-free rent payment” benefit funded by Wells Fargo. Instead, they will likely charge the standard ~3% processing fee on rent but give you a high “Bilt Cash” earning rate (4%) on non-rent spend to offset it.

The Math Scenario:
If your rent is $2,000, a 3% fee would cost you **$60**. To earn $60 in “Bilt Cash” (at a 4% earn rate), you would need to spend **$1,500** on everyday purchases (groceries, gas, dining) on the card that month.

If this theory holds, Bilt 2.0 is forcing you to use the card as your “daily driver” to unlock fee-free rent. This solves their profitability issue by ensuring users don’t just put rent on the card and sock-drawer it.

Alternative Configurations in the Code

While the Blue/Obsidian/Palladium list appears most robust, the code also contained two other “versions” of card tiers. These could be A/B testing variations or older concepts, but they are worth noting for completeness.

Note: The “Version 3” requirement to spend $2,000+ per month to waive fees aligns with my theory about the “Bilt Cash” offset mechanism in the main Palladium/Obsidian leak.

Mortgage Payments: Finally Confirmed?

The biggest win in this leak is the repeated inclusion of “Mortgage” in the earning categories. For years, homeowners have been excluded from the Bilt ecosystem. The code explicitly lists:

“1X points on rent, mortgage, and everyday spend”

This suggests Bilt has finally solved the technical hurdle of mortgage servicing, likely through a similar “routing number/account number” mechanism used for rent. However, given the transaction fee language, homeowners should expect the same “spend to waive fees” requirement as renters.

Strategic Preparation for 2.0

With these leaks, the picture is clearer. If the “Blue/Obsidian” model launches, the current Bilt Mastercard (which has $0 fee, 1x Rent, 3x Dining, 2x Travel) is effectively a “unicorn” that is too generous to exist forever.

What to do now:

• Apply Now? Applications for the current Wells Fargo card are effectively closed or transitioning. If you have one, you have until Feb 6 to decide.
• Watch Your Spend: If you are planning big purchases, hold off until the official announcement (Jan 14). The sign-up bonuses on Obsidian/Palladium ($200-$300 + 50k points) are significant.

Conclusion: The End of “Set It and Forget It”

Bilt 2.0 isn’t just a rebrand; it is a fundamental shift in philosophy. We are moving from the era of “passive collection”—where you could pay rent for free and ignore the card—to the era of “active optimization.”

For the Casual Renter, this is undeniably a downgrade. The mental gymnastics required to track “Bilt Cash” just to avoid a transaction fee may not be worth the effort for 1X points.

However, for the Power User, Bilt has potentially built a monster. If the Palladium Card delivers on its leaked specs (2X everywhere + Gold Status + Mortgage Rewards), it justifies its $495 fee and then some. It converts Bilt from a niche “rent card” into a legitimate primary driver for luxury travel.

The “free lunch” is over. Now, you have to decide if the menu is worth paying for. Stay tuned for the official January 14 reveal.