Bilt Offers Points on Rent and Mortgages Following Member Feedback
Bilt has recently unveiled changes to its credit card rewards structure based on member feedback regarding its Bilt Card 2.0. The adjustments aim to simplify how users earn points on housing payments such as rent and mortgages. CEO Ankur Jain acknowledged earlier confusion among members and articulated the need for these enhancements.
New Points System for Rent and Mortgages
The updated Bilt Card 2.0 offers two distinct options for cardholders to earn rewards on their housing payments:
- Option 1: Fee-Free Rewards
- Pay full rent or mortgage monthly with no transaction fee.
- Earn points automatically based on everyday spend, starting at 0.5 points per dollar.
- Progress to earn up to 1.25 points for every dollar spent, depending on the percentage of monthly rent contributed through everyday spending.
- Option 2: Original Bilt Cash Model
- Earn 4% back in Bilt Cash on everyday purchases while using that cash to boost points on housing payments.
- This approach allows for strategic use of Bilt Cash towards points, without any fees.
Key Changes and Features
Significant shifts include:
- The removal of the former cap of 100,000 points annually for housing rewards, allowing for unlimited point accumulation.
- Members can switch between options at any time, making the rewards program adaptable to their spending habits.
Addressing Member Concerns
Bilt’s rapid response to feedback underscores its commitment to user satisfaction. Ankur Jain emphasized that no fees would ever be charged for earning housing rewards. He also acknowledged the initial complexity and friction introduced with Bilt Card 2.0.
This pivot reflects Bilt’s intentions to boost usability while maintaining a sustainable rewards ecosystem. The promise of richer rewards remains central to their offerings.
Conclusion
The updated structure of Bilt Card 2.0 aims to clarify the rewards system for members. By providing options, Bilt enhances user control and improves the overall experience. This swift action highlights Bilt’s attentiveness to member feedback and their eagerness to build a more user-friendly rewards environment.
