Bilt Credit Cards Stop Awarding Points for Tax Payments
Recently, Bilt made significant updates to its credit cards, causing a stir among users. These updates include the launch of three new credit cards, each with a unique fee structure and benefits. However, a notable change is the decision to stop awarding points for tax payments. This move has been met with mixed reactions.
Overview of Bilt’s New Credit Cards
Bilt has introduced the following three credit cards:
- Bilt Blue Card: No annual fee.
- Bilt Obsidian Card: $95 annual fee.
- Bilt Palladium Card: $495 annual fee.
Changes to Earning Points
The new terms specify what constitutes an eligible purchase. Unfortunately, one of the exclusions includes tax payments. This means that users cannot earn Bilt Points or Bilt Cash when using any of the new cards for tax-related transactions. Other exclusions include:
- Balance transfers
- Cash advances
- Gift cards and prepaid cards
- Person-to-person payments (e.g., Venmo, PayPal)
- Cryptocurrency purchases
- Lottery tickets
Implications for Users
This tax exemption is particularly concerning for self-employed individuals who often pay taxes using credit cards, typically incurring a fee. Unlike many major credit card issuers, Bilt’s decision stands out as unique. No other major card explicitly denies points for tax payments.
Users have expressed frustration over the exclusion, feeling that it underscores a broader trend of restrictions with Bilt. With a valuation exceeding $10 billion, Bilt previously gained traction primarily by offering rent rewards without fees. However, recent changes appear to have shifted focus away from that value proposition.
The Future of Bilt Credit Cards
Despite the challenges, Bilt still promises rewarding everyday spending with their cards, particularly the Palladium Card which offers 2x points on spending. Users, however, find it difficult to justify the $495 annual fee when there are significant exclusions like the tax payment limitation.
In summary, Bilt’s introduction of three new credit cards, alongside the decision to exclude tax payments from point accrual, has sparked a debate. While there are benefits to the cards, the exclusions are a source of disappointment for many users seeking to maximize rewards.
