NerdWallet’s Smart Money Podcast

Episode: Bilt Card 2.0 and the Points Math: What’s a “Good” Return in 2026?

Release Date: February 16, 2026
Hosts: Megan Coyle & Sally French (Smart Travel segment) | Sean Pyles, Elizabeth Ayoola (Main show)

Overview

This episode dives deep into the dramatic relaunch of Bilt’s credit cards—now known as “Bilt 2.0”—and explores what these changes mean for travelers and everyday users hunting for optimal credit card rewards. Focused particularly on the cards’ new ability to earn points on both rent and now mortgage payments, Megan and Sally break down the mathematical practicality of maximizing Bilt points and Built Cash in 2026. The episode features candid analysis, memorable banter, and real-world tips for determining if “Bilt 2.0” is worth a slot in your wallet.

Key Discussion Points & Insights

1. Why Bilt Matters (03:54–05:25)

• Bilt’s Unique Value:
  • Traditionally let renters earn credit card points on rent.
  • New program extends rewards to mortgage holders—opening up a broader market.
  • Bilt points are transferable, making them valuable to travel hackers (comparable to Chase Ultimate Rewards, Amex Membership Rewards).
• Editorial Independence:
  • “Nobody paid us to do this episode. Megan and I have full editorial independence.” — Sally French (05:25)

2. Bilt’s Old Model Explained (05:59–07:28)

• Old World Elite Mastercard:
  • $0 annual fee; earned 1 pt/$ on rent if you made 5 purchases/month.
  • Users gamed the system with “banana purchases” (buying five bananas to satisfy minimum purchase requirements—hilariously referenced).
    • “They're paying off their five bananas.” — Sally French (06:59)
• Serious Flaw:
  • Bank’s only revenue was minimal transaction fees.
  • Wells Fargo reportedly lost $10 million/month on this card (07:26).

3. Bilt 2.0: New Cards, New Rules (07:37–13:43)

• Three New Cards:
  • Bilt Blue: $0 annual fee
  • Bilt Obsidian: $95 annual fee
  • Bilt Palladium: $495 annual fee
• Key Feature: Earn points on mortgages as well as rent—for the first time.

3.1. Tiered Points Structure (08:30–12:48)

• Points earn rate now depends on how much non-housing spending you put on the card:
  • Spend at least 25% of your rent/mortgage in other categories: 0.5x points
  • Spend 50%: 0.75x points
  • Spend 75%: 1x points (previous ‘normal’ rate)
  • Spend 100%: 1.25x points
• Example: With $4,000 rent—must spend $3,000 elsewhere to unlock 1pt/$ (12:13).
• Minimum Earn: If you don’t meet even 25%, you get a modest 250 points—“like pennies. It’s really not a lot of money.” — Megan Coyle (12:48)

3.2. Introducing Built Cash (13:43–17:53)

• Built Cash: Not the same as Bilt Points.
  • Earn 4% Built Cash on non-housing spend.
  • Built Cash can offset a 3% fee to unlock points on your rent/mortgage (but only inside Bilt’s ecosystem).
  • Expires annually (with $100 rollover cap). (15:17)
• Optimization Challenge: “What Bilt did to us is make us really good at algebra.” — Sally French (14:07)

4. Is It Worth It? The Math of Bilt 2.0 (17:53–22:43)

• Palladium Card ‘Super Math’:
  • 2 pts/$ on everyday spend, worth up to 1.8¢/pt = 3.6% return (travel redemptions).
  • With 4% Built Cash, total potential return: 7.6%—best in class, but only if you optimize (19:28).

“You’re getting 7.6% return rate on your everyday purchases with a Bilt Palladium card.” — Megan Coyle (19:43)

• BUT: Built Cash restrictions (redemption options limited, expiration concerns).
• Mental Overload Warning:
  • “There is an opportunity cost to your own mental gymnastics and your mental sanity…” — Sally French (43:07)

5. The Elephant in the Room: Bilt’s Confusing Launch & Community Backlash (27:21–32:55)

• Rocky Rollout: Frequent, unclear changes frustrated users.
• Reddit Drama:
  • “If y’all read Reddit, you gotta go to the Bilt subreddit. I’m like Michael Jackson popcorn emoji reading that subreddit.” — Sally French (28:42)
• Trust Issues:
  • Company communication and shifting terms undermine user confidence.
  • Users must “be okay with a lot of uncertainty going forward…” — Megan Coyle (29:46)
• Wait-and-See Approach: Both hosts recommend holding off investing until the dust settles.

6. Card-by-Card Breakdown & Comparisons (33:03–38:50)

• Bilt Blue (no fee): 1 pt/$; basic, entry-level access to Bilt partners.
• Obsidian ($95):
  • 2x on travel, 3x on dining or groceries (choose one).
  • 1.25¢/pt in Bilt Travel portal; $100 split hotel credit (two $50/half-year), two-night min.
  • Compared to Chase Sapphire Preferred—Obsidian offers similar earn rates and redemption options.
• Palladium ($495):
  • 2x everywhere (non-housing), plus 4% Built Cash.
  • Priority Pass access for cardholder + 2 guests.
  • $400 hotel credit ($200 every half year); $200 Built Cash; strong signup bonus: 50k pts + $300 Built Cash.
  • “That bonus is worth $1,200.” — Megan Coyle (38:50)
  • Reminiscent of Capital One Venture X for premium users.

7. Maximizing Bilt Points via Transfer Partners (39:06–41:50)

• World of Hyatt: A favorite for the hosts; excellent value for hotel stays.
• Atmos Rewards (Alaska Airlines):
  • “Atmos [Alaska] has some of the best rates on flights in the OneWorld alliance…” — Megan Coyle (40:41)
• More airlines/hotels: United, Southwest, Marriott, Hilton, Japan Airlines (strong 1:1 transfer).

8. Who Should Get a Bilt Card? Decision Framework (41:50–45:26)

• Power optimizers (willing to micromanage and maximize every benefit) will get the most value.
• Casual users may benefit from transfer partners but could be outmatched by the complexity.
• Don’t force it: If your current credit card mix works for you and you don’t value these partners, “Opt out of Bilt 2.0.” — Megan Coyle (43:07)
• Special Note for Wells Fargo Bilt Card Holders: Must transition by Jan 30 for a smooth switch and preserved card number.

Notable Quote:

"Am I willing to spend my built cash for a bunch of Lyft credits all the time? I don’t know. I have a car, so I don’t even use Lyft that much." — Megan Coyle (44:01)

Memorable Moments & Quotes

• On banking incentives:

  “According to the Wall Street Journal, Wells Fargo was reportedly losing $10 million a month on this card.” — Megan Coyle (07:26)

• On new complexity:

  “I feel like I’ve done a lot of math in the past couple of days.” — Megan Coyle (14:07)

• On optimizing headaches:

  “There is an opportunity cost to your own mental gymnastics and your mental sanity of remembering to spend this money.” — Sally French (43:07)

• On program trustworthiness:

  “This rollout has not inspired confidence.” — Sally French (30:41)

• On value, if you're willing to play:

  “You’re getting 7.6% return rate on your everyday purchases with a Bilt Palladium card.” — Megan Coyle (19:43)

• On the community’s angst:

  “Everyone is stressed, confused, angry, whatever. Over at the Bilt subreddit, and then with the Friday afternoon change, it just went wild.” — Sally French (28:42)

Additional Highlights & Listener Q&A

• Listener Q&A:
  Producer Hillary asks about best ways to get to Greece on miles—leads to practical advice on using transfer bonuses (45:26–48:04).
• Tools:
  Hosts plug points search/transfer tools like point.me and prior Smart Money podcast coverage for maximizing value.

Final Takeaways

• For Travelers/Point Maximizers: Bilt 2.0 can offer industry-leading rewards—if you are committed to optimizing moving targets, quarterly math, and ecosystem quirks.
• For Most People: Wait for more program stability. The chaos of rewards structures, shifting terms, and annual fee tradeoffs require serious homework.
• Big Picture: If you don’t need the transfer partners or aren’t interested in wrangling with redemption restrictions, your current 2–3% cash back or travel cards may offer better, lower-stress results.

Timestamps for Key Segments

• Introduction & Bilt’s Relevance: 03:54–05:25
• Old Bilt Model & “Banana Purchases”: 05:59–07:28
• New Card Overview & Earning Math: 08:30–13:43
• Built Cash Explained & Optimization Conundrum: 13:43–22:43
• Community Reaction & Trust Issues: 27:21–32:55
• Card-by-Card Comparison: 33:03–38:50
• Transfer Partners & Redemption Examples: 39:06–41:50
• Listener Q&A (Greece, points tools): 45:26–48:04

Tone:
Conversational, candid, occasionally irreverent, but always clear-eyed about financial practicality and traveler priorities.

Resources Mentioned

• Links to further NerdWallet articles on Bilt Cash, card comparisons, how to maximize point transfer (available in original episode notes).
• Point search tools (e.g., point.me) for optimizing redemptions.

Summary prepared for listeners who want the essential analysis, the math behind the hype, and a clear-eyed verdict on navigating Bilt 2.0.