Podcast Summary: All the Hacks – Deep Dive on Bilt Rewards and New Bilt 2.0 Cards

Host: Chris Hutchins
Date: February 4, 2026

Episode Overview

In this comprehensive solo episode, Chris Hutchins offers a no-holds-barred, deeply analytical breakdown of the Bilt Rewards ecosystem, including an in-depth exploration of the new Bilt 2.0 credit card lineup. He explains how Bilt's system works from top to bottom, assesses how valuable the rewards are (with detailed math and worked examples), and provides guideposts for listeners to figure out whether Bilt makes sense for their spending. Chris maintains his signature tone: honest, numbers-driven, and occasionally exasperated at Bilt's complexity, but ultimately enthusiastic about the program's value for the right users.

1. The Value and Uniqueness of Bilt Rewards (00:00–11:50)

Why Bilt Points Stand Out

• Chris opens with transparency about Bilt being a past sponsor, but reiterates that this review is independent and fully candid. (00:45)
• He benchmarks Bilt points against other leading transferable points programs (Amex, Chase, Capital One, Citi, Wells Fargo) and concludes:

  “I think Bilt points are the most valuable points out there.” (02:11)

• Main reasons for high value:
  • Transfer Partners: Bilt has 20 airline partners (the most in the industry, tied with Capital One) and important standouts like Hyatt, United, Alaska, Japan Airlines. (03:00–05:36)
  • 1:1 Transfers: Consistently offers the best or equal transfer ratio, especially for Japan Airlines and Hyatt.
  • Frequent Transfer Bonuses: Past promos have given up to 150% bonuses, far surpassing most competitors.
  • Points Never Expire and can be earned/redeemed even without a Bilt credit card.
• For the points-averse, Bilt allows using points in their travel portal at 1.25 cents/point, with the benefit of “direct booking” now provided for some airlines. (05:36–07:00)
• “If you could just transport that Bilt Rewards program ... I would replace any other credit card’s program with Bilt Rewards if I could.” (07:00)

Ways to Earn Bilt Points Without a Credit Card

• Local “Neighborhood Dining” (2–10x points), Walgreens (1x on everything, 2x on Walgreens brand items), fitness studios (2–3x points + perks), Lyft (2x), Bilt Travel portal, GoPuff, Metropolis parking, Rakuten partnership, and more. (07:45–11:51)
• Chris emphasizes the ability to stack with other cards and programs, highlighting the Rakuten tie-up:

  “Rakuten is one I’m really excited about ... If you don’t use Rakuten or you’ve never used it before, whether you care about Bilt or not, definitely sign up.” (11:39)

2. Earning and Redeeming Bilt Points (13:53–21:16)

Earning Points: Even More Methods

• Legacy referral bonuses, new mortgage payment options, and brokerage real estate purchases (earn 1 point per $2 spent, i.e. 500,000 points on a $1M house).
• Bilt Alliance rental properties can offer extra incentives.

Redemption Options (15:42–17:30)

• Best Value: Transfer to partners (Hyatt, major airlines), especially when timing redemptions with transfer bonuses.
• Good Value: Travel portal (1.25 cpp), down payment with points (1.5 cpp), student loan payoff (1 cpp).
• Poor Value: Statement credits, gift cards, Amazon/Lyft redemptions (generally <0.7 cpp).

“Rent Day” Promotions

• On 1st of each month, Bilt offers boosted redemption options, special transfer bonuses (often 100%, even up to 200% for Hilton), double points promos, and event tickets.
• From 2026, double points promos continue for all new Bilt cards until Jan 2027, capped at 1,000 bonus points. (21:17)
• Transfer bonuses are frequent and generous; 8 out of 12 months in 2025 had them. Highest transfer bonuses require higher status or Bilt Cash unlock.

3. Bilt Status Tiers and Their Benefits (21:39–30:33)

How to Earn Status

• Based on either total points earned (from multiple sources) or total dollars spent on a Bilt (and linked) card.
• Status benefits increase at Silver (50k points or $10k in spend), Gold (125k/$25k), and Platinum (200k/$50k).

Key Status Perks

• Silver: Better transfer bonuses, 1:1 Rakuten transfers, ability to redeem lower point minimums to partners, minor travel perks.
• Gold: Luxury hotel perks (through Virtuoso network), home-buying concierge, limited lounge access, best transfer bonuses.
• Platinum: Free Blade helicopter ride, status match to Air France Gold (SkyTeam Elite Plus), higher-level Virgin Voyages status, collection gift, and more.

“Once you get to Platinum, you get a free Blade ride ... and you can repeat the Air France Gold status match after each 10k transfer. That’s real value if you fly SkyTeam.” (30:34)

4. The New Bilt 2.0 Card Lineup (30:33–47:38)

Card Choices and Comparisons

A. Bilt Blue

• No annual fee, 1x everywhere, basic World Elite Mastercard benefits.
• Welcome offer: $100 Bilt Cash.
• Chris: “1x card is not exciting to me ... I would rather just have a 2x points card then have a 1x points card.” (32:35)

B. Bilt Obsidian

• $95 annual fee, 1x everywhere, 2x on travel, 3x dining/grocery (grocery capped at $25k/year), $52 hotel credit x2/year, improved travel protections.
• Welcome offer: $200 Bilt Cash.
• “Very similar to Chase Sapphire Preferred, but with dining/groceries swap. … The welcome bonus is just so underwhelming compared to peers.” (36:42)

C. Bilt Palladium

• $495 annual fee, 2x everywhere (with some exclusions like cash advance/gambling/crypto/gift cards/taxes), Priority Pass, $200 Bilt Cash annually, $200 x2 hotel credit (two-night minimum), World Legend benefits.
• Welcome offer: 50,000 points + Gold status after $4k spend/3 months + $300 Bilt Cash.
• “If I had to pick, the Palladium card is the only slam-dunk ... The welcome bonus alone offsets the annual fee for year one by a lot.” (43:16)
• Chris’s math: “Effectively, for the first year, this card is a 28,000-point welcome bonus on a $95-annual-fee basis. … I can't make a case for any other card than the Palladium for year one.” (46:50)

5. The Confusing Science of Earning Points on Housing Payments (49:02–)

Two Methods to Earn on Rent or Mortgage

Chris spends significant time detailing and critiquing what he calls a needlessly complex system. The two options are:

Option 1: Direct Bonus Method (no Built Cash)

• Points earned on rent/mortgage depend on % of housing spend matched on the card in the same statement cycle.
• Tiers:
  • <25% of housing spend = 250 points (floor).
  • 25% = 0.5x points (2,000 points on $4k rent for $1k card spend; 2x ROI).
  • 50% = 0.75x
  • 75% = 1x
  • 100%+ = 1.25x
• Max value: Palladium cardholder who spends $4k/month on both housing and regular spend gets 3.25x on $4k/month.

  “What other card gives 3.25x on all your spending? None that I know.” (50:47)

Option 2: The “4% Built Cash” Method

• Earn 4% in Built Cash on card spend, which can be used to “unlock” points on housing payment at a rate of $30 Built Cash per 1,000 points (i.e. 3¢ per point).
• Maxes out at unlocking 1x housing points for 75% card/housing spend ratio.
• If you have variable spending month-to-month, this lets you accrue Built Cash and use it to unlock points on months with low spend.
• Chris’s critical assessment: “Built Cash is not worth face value ... In my head, I value it at about a third of what it says.” (52:45)
• Built Cash redemption options include: Grubhub, GoPuff, travel portal hotel credits, Blade/Blacklane credits, dining partners, fitness, Lyft/Walgreens, and, most valuably, “point accelerator” (convert $200 Built Cash to 5,000 points up to 5x/year).
• The redemption options are many, but most have caps, limited applicability, or lower than face-value utility.

“It’s all a lot to think about. And if Bilt changes all the cash redemption options, which I'm sure they will, then option two might be better or worse. Yes, it’s way more confusing than it needs to be.” (57:34)

Simplified Takeaways on Which Method to Use

• For those only able to spend ~25% of monthly housing on their card, Option 1 is better.
• For those with higher spend relative to their housing or more variable spending, Option 2 can be more valuable—mainly due to the point accelerator and the delayed use of built cash.
• “No matter which option you take … I think it’s reasonable that you’ll get at least 1.1 to 1.25x points extra on your built card spend up to whatever your housing payment is.” (1:00:18)
• For Palladium users, this means “more than 4% back” on up to your housing payment per month.

6. Wrapping Up and Final Thoughts (1:02:26–end)

• Chris reiterates the high value Bilt can provide for renters/mortgage payers who have high monthly housing payments and/or can direct significant regular spend through their card.
• “There isn’t another card that earns 4% on everything … So right now, this is amazing.” (1:03:11)
• Warnings: He expects Bilt may tweak or nerf the system eventually, but until then, he’s all in:

  “As long as they want to offer a card that rewards those who use it as much as this card is, I am here to earn the points.” (1:04:16)

• Closing plea to Bilt: “I would give up 10% of my earning on this card if you could just make it more simple so that I didn't have to think about it as much.” (1:05:07)

Notable Quotes

• On Value:
  “I think Bilt points are the most valuable points out there.” – Chris Hutchins (02:11)
• On Complexity:
  “I have never in my life spent this much time trying to understand, model, and explain a credit card lineup and reward structure in my entire life. It is honestly kind of crazy.” (01:45)
• On Bilt 2.0 Cards:
  “If I had to pick, the Palladium card is the only slam-dunk ... The welcome bonus alone offsets the annual fee for year one by a lot.” (43:16)
• On Built Cash Redemption:
  “Built Cash is not worth face value ... in my head I value it at about a third of what it says.” (52:45)
• On Usability:
  “It is a more lucrative option than almost any other card out there... But yes, it’s way more confusing than it needs to be.” (57:34)
• On Bilt’s Future:
  “I expect that maybe it won’t last ... but I’m optimistic based on how Bilt has operated over the years.” (1:04:02)

Timestamps for Major Segments

| Segment | Time | | --------------------------------------------------- | ------------ | | Bilt points value & transfer partners | 00:08–05:36 | | Non-cardholder earning options | 07:00–11:51 | | Redemption options & rent day promos | 15:42–21:16 | | Status tiers & benefits | 21:39–30:33 | | Breakdown of new Bilt 2.0 cards | 30:33–47:38 | | Deep dive: earning points on housing payments | 49:02–1:01:00| | Summary, strategy, and closing thoughts | 1:01:00–end |

Conclusion

This episode is an exhaustive, forthright guide to the Bilt Rewards ecosystem and the new Bilt 2.0 card lineup. Chris provides practical advice, models, and decision frameworks to help listeners determine if Bilt fits their lifestyle—and if so, which combination of card and earning method is optimal. While acknowledging the daunting complexity, he makes a strong case that for people with sizable housing expenses and the ability to direct substantial spend, Bilt’s outsized rewards are currently unbeatable in the points and miles game.

Referenced resources, calculators, and up-to-date show notes are available at allthehacks.com.