What's Happening?
Bilt has launched a new series of credit cards, Bilt 2.0, which allow users to earn rewards on both rent and mortgage payments. The new cards, which include the Bilt Blue Card, Bilt Obsidian Card, and Bilt Palladium
Card, offer various benefits such as Bilt Cash, a flexible currency that can be used to cover transaction fees or for other rewards like Lyft credits. The cards also feature a welcome bonus and a 10% introductory APR on eligible purchases. Bilt aims to attract users by offering rewards on significant monthly expenses like housing payments, encouraging deeper engagement with their ecosystem.
Why It's Important?
The introduction of Bilt 2.0 cards represents a significant shift in the credit card market, particularly for consumers who prioritize earning rewards on housing expenses. By offering points on rent and mortgage payments, Bilt is tapping into a large and consistent expense category for many Americans. This move could influence other credit card issuers to consider similar offerings, potentially leading to increased competition and innovation in the rewards credit card space. For consumers, these cards provide an opportunity to maximize rewards on essential expenses, potentially leading to greater financial flexibility and savings.
What's Next?
Current Bilt cardholders have until January 30 to opt into the Bilt 2.0 program, which promises a seamless transition without affecting their credit score. As the cards become available, Bilt will likely monitor consumer response and engagement to assess the success of the new offerings. The company may also explore additional partnerships and rewards opportunities to enhance the value of Bilt Cash. The broader credit card industry will be watching closely to see how consumers respond to these new options, which could influence future product developments and marketing strategies.
