BREAKING: Bilt rips up its playbook. Today it launched Bilt Card 2.0, a three‑tier lineup with a headline 10 percent intro APR for 12 months and broader housing rewards. Preorders opened this morning. The timing is sharp, arriving as credit card rates face fresh political heat and consumers hunt for cheaper borrowing.
What Bilt changed, and why it matters
Bilt is moving past rent rewards into a full housing wallet. Mortgage payments, student housing, and HOA fees now earn, alongside daily spend. The new cards stack on top of that shift and put a bold price tag on borrowing. A 10 percent intro APR on purchases for a full year will grab attention. After that, rates jump to a variable 26.74 percent to 34.74 percent.
At launch, there are three cards. Palladium carries a 495 dollar annual fee, adds premium perks, 2 times points on everyday spend, and a 50,000 point bonus. Obsidian costs 95 dollars, leans into dining and grocery with triple points, and includes travel credits. Blue has no annual fee and offers up to 4 percent back in Bilt Cash on select categories. All three feed the same Bilt Rewards engine.
Here are the key terms at a glance:
- 10 percent intro APR on purchases for 12 months
- Then a 26.74 to 34.74 percent variable APR
- Annual fees of 0, 95, or 495 dollars, depending on tier
- Up to 4 percent in Bilt Cash, plus category boosts
Existing Bilt cardholders have until January 30 to choose a Bilt 2.0 card if they want to keep their card number and get seamless Apple Pay and Google Pay updates.
The transition away from Wells Fargo
This rollout also marks an issuer handoff. Wells Fargo will exit the Bilt program on February 7. If a cardholder does nothing, their card may shift to a Wells Fargo Autograph Visa, which does not earn Bilt rewards. Points are safe, since Bilt points live with your Bilt account, not the card.
This is a loyalty retention play. By dangling a rare 10 percent teaser rate and richer earn on housing, Bilt is pulling customers through the issuer change with minimal friction. It wants spending to stay inside the Bilt ecosystem while the plastic changes. The deadline creates urgency, the APR creates a clear reason to act.
Do not ignore the deadline. Inaction can move you to a non‑Bilt card, which ends Bilt earn on that plastic going forward.
Market analysis, the APR bet, and the housing flywheel
A 10 percent purchase APR for 12 months is aggressive in this rate environment. Most cards still price near the low to mid 20s right now, even for promotional offers. Bilt is using price to acquire and to retain. That will draw revolvers who need relief, and it can pull transactors who want rewards on rent and now mortgages.
Make no mistake, the back end rate is high. The range, up to 34.74 percent, will throw off strong yield on balances that carry past month 13. That is how this math works. Annual fees on Obsidian and Palladium add predictable revenue, which helps fund richer benefits. More housing volume inside the network should lower churn and improve lifetime value.
There is a bigger strategic idea here. Bilt is building a housing‑centric loyalty loop. Capturing rent, mortgages, and HOA payments puts it at the center of household cash flow. That position is sticky. It supports co‑marketing with property managers, servicers, and student housing operators. It also deepens data on a spend category that rivals often cannot touch.
If you plan to revolve, the 10 percent window is valuable. Pay down purchases before month 13 to avoid the much higher go‑to APR.
Economic and investment implications
The launch lands as policymakers talk about capping card rates. Bilt’s teaser undercuts the industry’s average cost of borrowing by a wide margin for a full year. That is consumer friendly today, and it is a smart hedge if the regulatory tone tightens. It gives Bilt a talking point that most large issuers cannot match without hurting margins.
For competitors, the pressure is real in two lanes. First, housing payments, long an off‑limits category, now look open. Expect copycats and more creative fee‑sharing to pull mortgages and HOAs into rewards. Second, the teaser APR creates short term share shifts in spend and balances. Issuers with high revolve mixes may feel near term attrition as rate‑sensitive customers migrate.
For investors, watch three things next:
- Conversion by January 30, which signals how much spend Bilt keeps
- Net interest margin after promos roll off, a test of credit quality and pricing
- Co‑brand and network deals tied to housing partners, a sign of scale
- Competitor response on teaser APRs, which could compress yields across portfolios
Wells Fargo’s exit trims program risk and expense, while the potential Autograph conversions can preserve some interchange. For the card networks, more housing volume routed through card rails is a tailwind, even if the path involves bill‑pay layers. Fintech lenders tied to rewards should expect rising acquisition costs as this fight heats up.
The bottom line
Bilt 2.0 is not just a card refresh, it is a land grab for the household wallet. The 10 percent intro APR is a bold hook, the housing rewards are the lock, and the issuer switch is the hinge that makes it all swing. If Bilt executes, it will hold its base through the handoff and come out with a stronger, stickier business. For consumers, the year‑long rate break is real value, as long as the balance is gone before the clock strikes month 13. 🔥
