Tl;dr: The Chase Sapphire Preferred briefly took the crown for the best mid-tier travel card. But Bilt's latest changes have given its $95 card the edge again.
When the Bilt Obsidian launched earlier this year, it looked like a Chase Sapphire Preferred killer. Then Chase refreshed the Sapphire Preferred, making it competitive again—and arguably the better card.
But after Bilt's latest round of changes, I think the Obsidian has reclaimed its crown.
Round One: The Obsidian Takes the Lead
At the beginning of the year, I was not a fan of the Sapphire Preferred. It charged a $95 annual fee while offering only a $50 hotel credit. With so many cards out there that offer as much in value as their annual fees, I didn’t see much reason to pay to hold a card without any particularly special benefits.
Then, in February, Bilt came out swinging with Bilt 2.0 and its CSP-killer: the Obsidian card. For the same $95 fee, it offered the same basic earning structure: 3X on dining (adding the option to earn that on groceries instead), 2X on travel (albeit with a narrower definition), and 1X on everything else. Plus the ability to earn Bilt Cash or points on housing on top of that. And unlike the Sapphire, it offered $100 in hotel credits each year.
Round Two: Chase Fights Back
Then, in June, Chase refreshed the Sapphire Preferred.
It doubled the annual hotel credit to $100, usable on a single booking through Chase Travel. Suddenly, the $95 card essentially paid for itself if you could get full value from that one single credit.
Chase also added 3X points on gas, EV charging, and vacation rentals like Airbnb and Vrbo, supplementing its existing bonuses on dining, online groceries, streaming, and Chase Travel purchases.
Meanwhile, the Bilt Obsidian’s $100 in hotel credits suddenly didn’t look so good. The credits were more annoying to use—each required a two-night hotel booking in its respective half of the year. That might have been better than a single $50 credit, but lost to a single $100 credit hands down. Chase took a decisive lead in the simplicity battle.
Round Three: Bilt Takes It Back
Bilt's latest changes flip the equation again.
Bilt “3.0” (as I’m calling it) is eliminating the clunky hotel credits in favor of $100 in annual Bilt Cash. Only Bilt Gold and Platinum members will have the option to use that on a single (two-night) hotel stay, but what may lack in single-use simplicity it more than makes up for in flexibility. I have a healthy card collection and more hotel credits than I know what to do with, and don’t actually book hotels all that often. With the Obsidian’s Bilt Cash, you can mix and match $100 worth of Walgreens gift cards, Grubhub discounts, Lyft credits, and more without ever needing to book a hotel (but you can if you want!).
The Sapphire Preferred still wins in a few earning categories like gas, online groceries, streaming, and certain travel categories (but not direct airfare, hotel, or car rental bookings). But the Obsidian offers points on housing, plus $50 Bilt Cash for every 25,000 Bilt points earned, plus the ability to take those points further with Bilt elite status and Rent Day bonuses.
And Bilt points are the best out there, in my opinion. Chase’s best partners are Air Canada, Flying Blue, Avios airlines, United, and Hyatt, in my opinion. Bilt has all of those. Plus many more, including stronger options like Alaska or Accor. And Bilt points can be redeemed for 1.25¢ each in the Bilt travel portal (a benefit the Sapphire Preferred used to have, but lost in its refresh).
Lazy Take 🦥
The Sapphire Preferred still has some important advantages. Its travel and purchase protections are somewhat stronger, it wins in a few spending categories, and its points can be simpler to redeem.
But for those paying rent or a mortgage, the Obsidian's housing rewards can easily outweigh the Sapphire Preferred's extra bonus categories. Its annual credit is now more flexible, and it offers points that are far easier to redeem for good value on economy flights, while offering the same and more options for premium redemptions.
Ironically, while I think Bilt's decision to eliminate flexible Bilt Cash hurts the appeal of its Blue and Palladium cards, I think the Obsidian emerges as the biggest winner.
For now, the Bilt Obsidian is my pick for the best $95 travel card.