Bilt, a loyalty program that offers perks on rent payments and now mortgages, on Wednesday unveiled three new tiered credit cards – and announced a 10% APR for all customers over the next 12 months after President Trump called for a cap on credit card interest rates.
The New York-based startup, which operates as a payment processor, said the new cards offer customers even more rewards for use at local restaurants, fitness studios and pharmacies; over 100 airline and hotel partners; and Lyft rides.
All of the new Bilt 2.0 cards, which are partnered with Cardless, Fidem Financial and Column N.A., offer a 10% introductory APR for 12 months on all new purchases. After that, the APR jumps to 26.74% to 34.74%.
Bilt members who currently have a Bilt Card will have to select one of the three new options by Jan. 30 to keep their same credit card number. It will automatically update on Apple Pay and Google Pay.
Three new credit cards
The company’s most premium offering is the Bilt Palladium Card, which has a $495 annual fee – though Bilt says the credit cards are designed to deliver more value each year than the annual fee.
Customers with a Bilt Palladium Card will earn two times the points on everyday spending and 4% Bilt Cash back. There is also a limited-time 50,000 point sign-up bonus, as well as $300 in Bilt Cash upon opening the account and $600 in annual credits.
It also offers the same benefits as a World Legend Mastercard, including Priority Pass access to nearly 2,000 airport lounges and discounts on Lyft rides and Instacart deliveries.
Next down the ladder is the Bilt Obsidian Card, which has a $95 annual fee.
These cardholders will earn 4% Bilt Cash back on everyday spending, as well as three times the points on grocery and dining up to $25,000 annually, two times the points on travel and one times the points on everything else.
They will also earn $200 in Bilt Cash upon approval and $100 in annual travel credits.
For customers looking for a card without an annual fee, there is the Bilt Blue Card, which offers one times the points on everyday spending, 4% Bilt Cash back on everyday spending and $100 in Bilt Cash upon opening.
Bilt rewards
“Leading this initiative felt like a no-brainer to us,” said Ankur Jain, founder and chief executive of Bilt, adding that the 10% APR offer follows “bipartisan calls for affordability.”
“We’ve taken that quite seriously,” Jain told The Post. “I think most people under the age of 40 living in high-income areas are still living largely paycheck to paycheck. Things are expensive.”
The new Bilt cards allow customers to earn both points and Bilt Cash – a new rewards currency that can automatically unlock points on rent and mortgage payments, or be used as monthly credits on restaurants or hotels.
For every $30 of Bilt Cash you earn, customers will automatically unlock 1,000 points on their next rent or mortgage payments. If your rent costs $3,000, for example, and you have earned $60 in Bilt Cash, you’ll gain 2,000 points on that payment.
In other words: The more you use your Bilt Card, the more points you can earn from rent and mortgage payments. There is no spending limit on housing payments, so they won’t reduce your overall credit availability. You can also use Bilt Cash on the platform’s other perks.
Customers do not have to open a Bilt Card to sign up for the Bilt rewards program.
