Bilt Secures Points for Rent and Mortgage Payments Amid Member Backlash

Bilt has recently made significant adjustments to its Bilt Card 2.0 program following feedback from its members concerning the complexities of earning rewards for rent and mortgage payments. Ankur Jain, CEO and founder of Bilt Rewards, addressed these concerns directly in a letter to cardholders, outlining changes aimed at clarifying the reward system.

Bilt Card 2.0 Updates: What You Need to Know

At launch, Bilt Card 2.0 introduced Bilt Cash and a multi-layered system for earning points, but many members found it confusing. The revised program now offers two clear options for earning rewards on housing payments.

New Earning Options

• Option 1: Members can earn points automatically by paying their full rent or mortgage with no transaction fee. Points are earned based on everyday spending, beginning at 0.5 points per dollar, with the potential to reach 1.25 points based on spending thresholds.
• Option 2: The original model remains in place, allowing users to earn 4% back in Bilt Cash on everyday purchases that can be applied to housing payments.

Both options eliminate fees for earning rewards on housing payments, providing members with the flexibility to choose the path that suits their needs best. Notably, the previous cap of 100,000 points on housing rewards has been removed, allowing for unlimited earning potential.

Reasons Behind the Changes

The initial rollout of Bilt Card 2.0 involved a comprehensive redesign, including a new issuing bank, a broader card lineup, and enhanced mortgage support. However, the earning mechanisms proved to be less user-friendly than anticipated. Feedback from members indicated that the new system created unnecessary complexity.

Bilt’s recent adjustments aim to address these issues while maintaining a sustainable rewards structure. This strategy ensures that cardholders can engage with the card more easily and earn significant rewards.

CEO Ankur Jain’s Commitment

In his letter to members, Jain emphasized the company’s reliance on member feedback for ongoing improvements. The changes made to the Bilt Card 2.0 program reflect Bilt’s dedication to providing accessible and valuable offerings for its members.

As Bilt continues to evolve, the newly simplified options for rewards on housing payments represent a significant step towards enhancing the user experience. Members are encouraged to take advantage of these updates and determine which option aligns best with their financial habits.