A little while ago Bilt revealed it’s new Bilt 2.0 card portfolio and rent rewards system. Before, Bilt was an attractive credit card with no annual fee that earned you 1x points on rent, as long as you made at least five transactions every month. With Bilt 2.0, that system has mostly gone out the window, though Bilt quickly backtracked and reintroduced some of the features of the old system. A major component of the new system is the earning of Bilt Cash, and how it can help you get points for rent or mortgage. However, what other things you could redeem it for has not been clarified… until now! And it’s a total coupon book. Let’s have a look and see which of the redemptions make sense.

1. First things first: what changed with Bilt 2.0?
2. Bilt backtracks and adds a second points earning option on rent spending
3. Redemptions options for the Bilt Cash you earn
   1. Dining and Groceries
   2. Cardholder Exclusive Bonus Points
   3. Travel and Transportation
   4. Health and Wellness
   5. Other
4. Which of these redemptions are actually worthwhile?
5. Summary

First things first: what changed with Bilt 2.0?

To understand how massive the changes are, let me first describe the way the current/old (v1.0) card worked. This card was in partnership with Wells Fargo. It is a no-annual-fee card that earns 1x points essentially on everything, including rent. However, to earn that 1x on rent you’d have to make at least 5 not-rent related transactions every month.

The new model is a radical departure from the way the card used to work. It’s complex, but let’s first look at what Bilt says about this, and then I’ll break it down for you:

Everyday spend now fuels how many points you can unlock on housing payments. The more you use your Bilt Card, the more Bilt Cash you can earn to use to unlock points on housing payments.

For every $30 in Bilt Cash earned, you can unlock 1,000 Bilt Points when you make rent or mortgage payments, across multiple homes. For example, if your rent is $2,000 and you have $60 of Bilt Cash, you can convert your Bilt Cash into 2,000 points on that payment — still with no transaction fee.

So here’s the two main points you need to understand:

• Spending on rent/mortgage does not actually seem to generate any points at all by itself (though that’s how it used to work!).
• Instead, redeeming Bilt Cash against rent/mortgage spending is what generates points.

If you put these two points together, here’s how things work out in practical terms:

1. You use your Bilt card for non-rent/mortgage purchases.
2. These purchases earn you 4% Bilt Cash, so for every $1 spent, you’ll earn $0.04 in Bilt Cash.
3. Now, you can ‘redeem’ your Bilt Cash against any rent/mortgage spending you put on the card.
4. This will generate Bilt points, at a rate of 100 points for every $3 Bilt Cash you redeem against rent/mortgage.

In practical terms, it means you need to spend 75% the dollar value of your rent/mortgage on non-rent/mortgage purchases, in order to gain enough Bilt Cash that you can get the 1x points rate for your rent/mortgage.

Bilt backtracks and adds a second points earning option on rent spending

Note that Bilt has since backtracked and has added a second option to earn points on your rent/mortgage (and henceforth I’m just going to say ‘rent’, but just understand that it also applies to mortgage payments). In this second option, the more you spend on the card in non-rent purchases, the more you can get back in terms of rent rewards:

• At a minimum, you have to spend 25% of the dollar value of your rent on non-rent purchases in order to get any points, and this would get you 0.5x points on your rent.
• At 50%, you’d get 0.75x points on rent.
• At 75%, you’d get 1x points on rent.
• at 100%, you’d get 1.25x points on rent.

So as you can see, you’d get points at a lower non-rent spend, and have the option to earn more than 1x points on rent as well, so that’s a big improvement over the ‘old’ new system. However, if you then don’t use your Bilt Cash to get 1x points on rent (because your spending is loer), you’d still have a bunch of that Bilt cash lying around. What cna you use it for?

Redemptions options for the Bilt Cash you earn

According to a new post on the Bilt website, Bilt cash can be redeemed binning February 1 2026, in categories spanning dollar-for-dollar monthly credits, premium experiences and benefits, and enhanced rewards and unlocks across the Bilt ecosystem. Let me just quote what Bilt options provides per the post:

Dining and Groceries

$120 / year toward grocery or restaurant delivery (fulfilled via Grubhub)

• Redeem toward restaurant and grocery delivery fulfilled by Grubhub; $10 credit each month. Available 3/1/26.

Up to $60 / year of credits for Bilt 15-minute home delivery

• Redeem Bilt Cash toward Bilt’s ultra-fast Home Delivery orders on groceries, alcohol, and essentials, powered by Gopuff; up to $5 credit each month. Available 2/1/2026.

$100 / year toward Gopuff Fam (Free delivery and discounted groceries)

• Cover your Gopuff Fam membership for up to twelve months; up to $100 annually; redeemable for monthly or annual membership. Available 3/1/26.

Up to $300 / year of restaurant credit at select Bilt Dining partners

• Use Bilt Cash toward meals at select Bilt partner restaurants via Mobile Dining Checkout; one visit per month up to $25; rollout expanding to thousands of restaurants nationwide. Available 2/1/2026.

Up to $600 / year toward dining experience bookings

• Redeem Bilt Cash to book exclusive Bilt dining experiences; up to $50 per month. Available 3/1/26.

Cardholder Exclusive Bonus Points

Cardholder exclusive bonuses are available when card earning is set to 4% back in Bilt Cash on everyday spend.

Point accelerator on everyday spend

Available on card activation beginning 2/7/2026

• Enable +1X bonus points on all everyday spend for the next $5,000 following activation; exclusively available to Obsidian and Palladium cardholders; Cost: $200 Bilt Cash; up to 5 activations annually; expires after $5,000 everyday spend or calendar year-end
• Obsidian earnings when enabled: 4X dining or grocery (up to $25k on grocery), 3X travel, 2X everyday spend
• Palladium earnings when enabled: 3X everyday spend

Unlock points on housing payments, up to 1X

Available on card activation beginning 2/7/2026

• Unlock points on monthly rent or mortgage payments with no transaction fees; every $30 Bilt Cash redeemed earns 1,000 points, up to 1X of your monthly rent or mortgage payment. Bilt Cash does not need to be redeemed in $30 increments to unlock points on housing. Minimum redemption is $0.03 of Bilt Cash which converts to 1 Bilt Point.

Travel and Transportation

Up to $1,200 hotel credit / year

• Use Bilt Cash in the Bilt Travel Portal; two-night minimum; up to $50/month for Blue & Silver members and up to $100/month for Gold & Platinum members. Bilt Cash redemptions can be used in combination with Bilt Points, annual hotel credits, and cash at checkout. Available 2/1/2026.

Unlock higher transfer bonuses

• Use Bilt Cash to upgrade your Rent Day transfer bonus to the next status tier; Platinum members receive an additional boost; example: Gold member can upgrade from 75% to 100% for $75 Bilt Cash; pricing and availability subject to change. 

$120 Lyft rideshare credits / year

• Redeem $10 per month toward Lyft rides. Available 2/1/2026.

Up to $150 toward a Blacklane ride / year

• Redeem for Blacklane rides; up to $50/year (Blue & Silver), up to $100/year (Gold), or up to $150/year (Platinum). Available 3/1/2026.

Up to $700 of BLADE credit / year

• Redeem for BLADE airport flights; up to $350 per seat; up to 2 seats per year. Available 3/1/26.

Unlock Home Away From Home hotel benefits

• Blue & Silver members can unlock luxury one booking at a Bilt Home Away from Home property. Booking benefits usually reserved only for Gold and Platinum members for $95 Bilt Cash; may include benefits such as room upgrades, ~$100 hotel credits, early check-in, late checkout, and more. Available 3/1/26.

Up to $768 of Priority Pass extra guest credits / year

• Palladium-only; cover up to two guest fees per month, in addition to the passes for primary cardholder and two free guests included with Priority Pass; $32 per guest; up to $64 statement credit per month. Available 2/7/2026.

$60 toward parking / year

• Redeem $5 per month at participating Bilt Neighborhood Parking locations. Available 3/1/26.

Health and Wellness

Up to $480 fitness class credit / year

• Redeem toward one group fitness class per month in the Bilt app (including SoulCycle, Barry’s, and others); up to $40 per month. Available 2/1/2026.

$120 Walgreens credit / year

• Redeem $10 per month toward a Walgreens credit. Available 2/1/2026.

Other

Up to $600 toward comedy experience bookings per year

• Redeem up to $50 per month for exclusive Bilt comedy experiences. Available 3/1/26.

Up to $120 Bilt Design Collection credit per year

Redeem up to $10 per month toward Bilt Design Collection purchases. Available 2/1/2026.

Which of these redemptions are actually worthwhile?

So first things first: this is a coupon book, and a rather annoying one at that. Sure, on the surface such a laundry list op options looks tantalizing, but when you start reading the fine print, it comes down to a a bunch of small monthly credits. Many credit cards come with these sorts of little credits, including credit cards I love such as the Amex Gold, but keeping track of such credits for many credit every month can become a tedious affair.

Just have a look: every month, you’d be able to get $10 at Grubhub, $5 at GoPuff, $25 at one of the select Bilt partner restaurants, $50 at a Bilt dining experience, $50-100 Bilt travel portal redemption depending on Bilt status level, etc etc. As such, the hundreds of dollars of credits promised quickly fall apart into a bunch of small credits that become hard to keep track of.

Note that some credits provide potential access to aspirational experiences, such as the Blade credit. But if I’m honest, these sorts of services are not cheap so it would take some time to accumulate the Bilt Cash needed to make that redemption, in turn requiring that you keep spending on the card. Personally, I just don’t see myself doing that if I have other cards that provide a better return on spending.

But that doesn’t mean that the credits are all bad. There are some that can be quite interesting. Now, I want to be specific towards a certain use-case here, and that’s if you transition your Bilt card to the Bilt 2.0 Palladium card, This $495 annual fee card is expensive, but comes with $400 worth of Bilt travel portal credits and $100 annual Bilt Cash. The question is: how can you redeem the $100 Bilt Cash from your shiny enw Palladium card effectively? This is important because, together with the travel portal credits, that’s what would allow you to break even on the annual fee. Here’s my take:

• The monthly $10 Grubhub credit is a little painstaking but since I quite successfully do this with Amex Gold, one more of these should be okay to handle.
• The points accelerator is an interesting concept, as it substantially boosts the card’s earning potential. 3x on everyday spending is a an unbeatable everyday spending return! With this, I’d certainly prioritize spending on the Palladium card over others, except for dining and groceries: the Amex Gold still provides a better return there at 4x points per dollar spent. By the way, with the Obsidian card, you’d get that 4x on dining or groceries, making it a direct rival to Amex gold as well!
• The ability to unlock higher transfer bonuses is also interesting, but is limited to Bilt Rent Day promotions and realistically I’d only use this is I was planning to make a transfer.
• The $10 monthly Lyft credits could be useful here and there.

Apart from the transfer bonus boost, which I like but am unlikely to use, I do believe that these credits could ultimately provide a decent opportunity to redeem your Bilt Cash.

Bottom line, it looks like the Bilt Cash would provider that extra budge to break even on the Palladium card, allowing you to keep earning Bilt points and stay a part of that ecosystem. Remember, Bilt points transfer to some unique partners such as Alaska Atmos and JAL Mileage Bank, so it’s worthwhile investing in it here and there and that’s ultimately why we are sticking with it.

Summary

Bilt has finally revealed all the redemption options for Bilt Cash. These redemption options generally allow 1:1 , dollar for dollar redemption in a variety of categories at a variety of merchants. The good news is that there are many, many options here to redeem the Bilt Cash. The bad news is that they are all broken up in small credits generally redeemed monthly. This makes it much harder to efficiently redeem these.

That said, I do think there is some potential value here, and especially with the Bilt Palladium card in mind, you’d only need to redeem $100 Bilt Cash on top of the $400 travel portal credits to break even on the card (plus any Bilt Cash you may earn through your purchases). For this it should be straight forward to use $10 each month for Lyft or Grubhub, but the most interesting option, in my mind, is the ‘points boost’ unlock. This would allow 3x everyday spending (on up to $5000 of spending) on the Bilt Palladium card, making it a real rival to many other cards out there that offer3x on categories such as dining and travel.