Bilt 2.0, Simplified
This is the January 18, 2026 edition of the LazyPoints Weekly newsletter. It goes out by email every Sunday at 8:00 a.m. Pacific–unless I oversleep–and is archived here on the blog. Want it straight to your inbox each week? Sign up here.
Happy Sunday! Today’s edition will be a little long because there’s a lot to cover. Bilt 2.0 launched on Wednesday, and we did an initial write-up here. (If you don’t care about Bilt, feel free to scroll past all this.) I was blown away by the value propositions of the new cards, but the internet was not happy about the new setup, which includes complex formulas (I made calculators) to determine rent rewards and a heavy emphasis on Bilt Cash—which hasn’t really launched yet and isn’t fully understood. Within days, Bilt backtracked and introduced an alternative earning track that’s easier to understand — but also adds another layer of complexity, since it may be more or less rewarding depending on your spending. 😵💫
Here’s the thing. I think figuring out how to maximize this new program could be complicated. But if you don’t stress about the details and just engage simply, the outcomes range from “one of the best on the market” to “best on the market by far.” Let’s break it down.
The points are amazing
The Bilt 2.0 cards can earn Bilt points at an impressive rate, but that doesn’t mean anything unless the points are good. So I published my explanation of why I think Bilt points are the best when balancing value with ease of use. Personally, I wouldn’t trade a Bilt point for any other transferable point out there.
That said, it’s subjective. I think Citi might have the best single transfer partner in American Airlines (especially if you fly from the West Coast or in business class) even though I prefer Bilt and Alaska Airlines. I love using Amex points to book SkyMiles flash sales; those are some of the cheapest economy flights you can find. And Chase and Capital One have the easiest redemptions with simple purchase erasing options, and Chase has some solid transfer partnerships, including Hyatt. But, of these, only Capital One has a fee, credit, earning, and redemption structure that I would describe as simple.
You can earn a LOT with a Bilt 2.0 card
Let’s use the Palladium as an example, and just look at the best- and worst-case scenarios with the original Bilt 2.0, Bilt Cash-based system.
In the best case, you use the Bilt Cash to earn 1.33 Bilt Points on housing rewards for each dollar spent on the card. The math is hard to understand in this direction, but boiled down, as long as your monthly card spend is roughly equal to or less than your rent, the Palladium effectively earns about 3.33 Bilt points per dollar on that spend—effectively every purchase.
In the very worst case, you earn no points on rent and the Bilt Cash has no value. Then you’re still earning 2x per dollar spent, which is among the highest floors out there (the same earning rate as a few other cards, but with more valuable points). If you only use it on base spending, your spending-to-housing ratio will be better, making it easier to get closer to that 3.33x per dollar earn rate. But, even though we don’t know exactly what Bilt Cash will be, I doubt it will be zero. Bilt says it will be redeemable “dollar-for-dollar” for things like hotel stays and Lyft rides. So, personally, I think it might be possible to get more value with the Bilt Cash by using it in the Bilt system rather than using it for points on housing.
And these earning rates are before factoring in the $50 in Bilt Cash you earn for every 25,000 Bilt points you earn and Rent Day spending and transfer bonuses, among other things. It also ignores the new tiered-rewards system, which you can switch back-and-forth to each month freely if it is more beneficial.
If you don’t go with the Palladium, the Bilt Cash works the same with the other cards, they just earn slightly different base points: the Blue card earns 1x on all non-housing purchases, while the Obsidian earns 3x on your choice of dining or groceries, 2x on travel, and 1x on all other non-housing purchases.
Those earnings are better than almost any alternative
If you can earn 3.33x Bilt points per dollar spent using the Palladium, there would be very few cards on the market that could best it in any situation, let alone across a diverse set of purchases. I have been thinking about which situations I wouldn’t take 3.33x Bilt points, and my list is pretty short:
Direct hotel bookings with the chain’s co-branded credit card
Credit card travel portal bookings earning 8-12x Capital One/Chase/Citi points
6x on dining during Citi Nights with the Citi Strata Elite
3.3x on dining and foreign purchases, plus Status Points, with the Atmos Summit and a qualifying Bank of America account
5x on airfare with the Amex Platinum
4x on dining and groceries with the Amex Gold, maybe
5x on a top spending category with the Citi Custom Cash, maybe
5x on direct hotel bookings with the Wells Fargo Autograph Journey, maybe
4x on direct hotel and airfare bookings with the Chase Sapphire Reserve, but probably not
5x on rotating categories with the Chase Freedom Flex or Discover It, but probably not
Most of those cards are limited to beating Bilt in one or two categories, and most also have their own set of complications to deal with. But if you had one or more, you could split spending between them and potentially optimize them all.
But it may depend on if you can recoup the annual fee
Although the earning potential of these cards is at the leading edge of the industry, that might not be worth it if you’re effectively losing money each year to earn those extra points. At first glance, the statement credits on the Obsidian and Palladium look unwieldy, and they are: the credits only apply to two-night stays, and you have to use one in each half of the year (January to June, and July to December). You also have to specifically apply the credit during checkout—it won’t apply just by virtue of using your card to pay.
You’ll have to consider your travel habits: do you reliably make or prepay a two-night hotel stay in each half of the year, each year, that you could use this credit on? If you do, this credit could actually be a great option, because you can also combine it with Bilt Cash and/or Bilt points for added flexibility.
Which Bilt card is best?
In the long run, I think the no-fee Blue card might make sense for those who are completely averse to paying annual fees, as I think it will be one of the strongest no-fee cards on the market (but that might depend on how Bilt Cash works out).
The Obsidian is a solid option for those who want a travel card but don’t want to invest hundreds of dollars in credit card fees. In the long run, the Obsidian might also be the best bet for optimizers, who can earn up to 4.33 Bilt points per dollar on dining or groceries, while using other parts of their credit card portfolio for other spending and perks like lounge access.
In the short term, though, it is hard to argue with the Palladium and its welcome offer. I think the $500 in Bilt Cash and $400 in hotel credits will easily justify the annual fee, giving you the 50,000-point + Gold Status welcome bonus that’s only available with the Palladium. At worst, those bonus Bilt points are worth over $600 toward travel in the Bilt portal; that can cover the annual fee, and you can downgrade after a year if the card didn’t work out for you.
Lazy Take 🦥
At worst, I think the new Bilt cards are among the strongest in their respective categories. At best, the Palladium could be the single most rewarding everyday-spend card on the market. And with a huge welcome offer on the table, it might be worth giving this new system a try. It could be well worth it, even if you keep it simple.
This week on the blog 📝
Our main story of course was Bilt 2.0 analysis. The new lineup required an update of our top cards list (we have a new #1).
Meanwhile, I double-checked: you can still get to Europe for $500. (That’s 40,000 Bilt points or less when booking through their travel portal.)
Quick Points of the Week ⚡
Bilt 2.0 💳
We’re doing a special round-up of all the Bilt 2.0 details that are trickling out during the pre-order period.
From the Bilt website: there may be “redemption limits” on Bilt cash.
From a Reddit AMA with Bilt executive Richard Kerr:
Existing cardholders are eligible for the sign-up bonuses (rent payments do not count toward earning it)
You will be able to downgrade your card after a year
You can choose not to use Bilt Cash to earn points on rent, and use it for other things
You can mix and match Bilt Cash, the annual hotel benefits on the Obsidian or Palladium, and Bilt points on a single hotel booking
You can earn Bilt points on as many rent/mortgage/HOA payments as you want
If you pay your rent via paper check, that will still be an option with Bilt 2.0
Rent Day will still exist, but the details are yet to be determined
You cannot use Bilt cash to cover the transaction fee when paying rent with other cards
If your application is denied, there is a reconsideration line
No answers yet on fee waivers for military members
From Frequent Miler: On the Obsidian card, you will be able to switch between dining and groceries as your 3x category once a year, in January. Also, some users have experienced a less-than-seamless transition.
More value 📈
TSA Touchless ID is expanding. TPG has a list of airports where your PreCheck can get you through security even faster.
Extra points 🪙
Earn 2,000 points on your next Hilton stay. Just a reminder: check for hotel offers just before booking and again before you check in. I booked a Hilton stay months ago that will now earn me some extra points. (OMAAT)
New programs and tools 🆕
Breeze Airways revamps its loyalty program. It may be worth checking out if you’re a Breeze regular. (AwardWallet)
Don’t miss out on Sapphire Reserve hotel credits. EditMaxxer is here to help. (Frequent Miler)
Warning ⚠️
Saks files for bankruptcy. It’s official; implications for Amex Platinum credits are still unclear. (TPG)
Sign-up bonus of the Week 🎯
The bonus of the week is the 50,000 points + Bilt Gold status on the Bilt Palladium. There’s no history of Bilt welcome offers to compare this to, so it’s possible that this offer could be bested in the future. Launch offers have historically been high points for sign-up bonuses, but both Chase and Citi ended up increasing their points offers after launch last year. Still, an offer this high on a card this good is rare. 🔥🔥🔥🔥
Other great current bonuses
100k points on the Citi Strata Elite (our take: 🔥🔥🔥)
125k (175k?) points on the Chase Sapphire Reserve (our take: 🔥🔥🔥)
80k miles on the Citi AAdvantage Platinum Select (our take: 🔥🔥)
5 free nights + airline credits on the Marriott Boundless (our take: 🔥🔥)
75k points on the Chase Sapphire Preferred (our take: 🔥)
Up to 100/175k on the Amex Gold/Platinum (our take)
Enjoy the weekend! 🦥
I did my best to keep the math at bay.