The fintech pioneer Bilt, once known primarily for turning rent payments into rewards, has dramatically escalated its ambitions. The company is now positioning itself as a direct competitor to premium card giants like American Express and Chase with a complete overhaul of its product lineup.
A New Three-Tier Card Strategy
Central to this aggressive expansion is a revamped suite of three credit cards, designed to cater to different customer segments. The flagship product is the new Bilt Palladium Card, a weighty metal card carrying an annual fee of $495. Bilt's founder and CEO, Ankur Jain, confidently states the card's value proposition, telling the Daily Mail: "It more than pays for itself. You can pay double the price on some other cards and get less value."
The company estimates the Palladium card offers roughly $1,400 in first-year value through a combination of statement credits and rewards. Key perks include:
- Access to over 1,800 airport lounges worldwide via a Priority Pass membership.
- The continued ability to earn rewards on rent payments, now joined by the new feature of earning on mortgage payments, regardless of lender.
- A lucrative rewards structure offering 2x points on all purchases and 4% back in 'Bilt Cash' on everyday spending, which combined works out to an effective return of roughly 6%.
The points are highly flexible, functioning similarly to American Express Membership Rewards. They can be transferred to airline partners like United and Southwest, hotel programmes including Marriott, or redeemed for gift cards at retailers such as Home Depot.
Beyond Rent: Capturing the Journey to Homeownership
The move into mortgage rewards is a strategic masterstroke, aiming to retain customers as they transition from renting to buying. "Every year, about 7 to 8 percent of renters become homeowners for the first time," Jain noted, highlighting that close to a million Bilt members have made this move.
This expansion beyond its original 'rent card' identity is supported by a shift in banking partners. Bilt has moved away from Wells Fargo to work with newer banks, a change driven by the need for faster innovation and the capability to support multiple card products.
The other cards in the new lineup are the Bilt Obsidian Card, a mid-tier option focused on dining, travel, and local spending, and the Bilt Blue Card, an entry-level product for those new to the Bilt ecosystem.
A Platform, Not Just a Card
Bilt is keen to stress it is not simply trying to replace existing premium cards but to integrate with them. "As a Bilt platform, we work with all of them," Jain explained. "You can use your Amex Platinum with Bilt. You can use your Chase card with Bilt."
The company views its core business as a broader platform for apartment buildings, handling leasing, payments, and resident services—a model Jain likens to "Shopify for apartment buildings." This infrastructure allows Bilt to form direct partnerships with merchants, from local restaurants and Lyft to fitness brands like Barry's and SoulCycle, where Bilt Cash can be spent.
For existing customers, the changes mean a nicer card, more points, and the new mortgage feature. "The big change is that you get to pick how you get the value in the Bilt ecosystem," the CEO said, emphasising the flexibility to use rewards for anything from a business-class flight to paying down student loans.
With this bold relaunch, Bilt sends a clear message: it has outgrown its niche and is now a formidable, full-service contender in the competitive world of premium rewards and consumer finance.
