Bilt Rewards Expands Market Reach With Launch of Bilt Card 2.0 Targeting Renters and Homeowners

Bilt Rewards has shared an update. The company has launched Bilt Card 2.0, introducing a suite of three new credit cards—Palladium, Obsidian, and Blue—that extend its rewards platform from renters to both renters and homeowners. The products allow members to earn rewards on rent and mortgage payments with no transaction fee, and offer 4% back in Bilt Cash on everyday spending. New cardholders are being offered a 10.00% introductory APR on eligible new purchases for the first 12 months, subject to terms and credit approval. Existing Bilt cardholders can transition to one of the new cards by January 30, 2026, keeping their existing card number and avoiding a new hard credit inquiry. The updated card program is supported by partners including Cardless, Column, Fidem Financial, and Mastercard.

For investors, the expansion of Bilt’s product set to include homeowners materially enlarges its addressable market beyond renters, potentially increasing card issuance, transaction volume, and associated interchange and fee-based revenue. The focus on everyday 4% rewards and mortgage-payment earning positions Bilt to compete more directly with mainstream rewards credit cards, which could support user acquisition but may also increase reward costs and pressure unit economics if not offset by higher spend and engagement. The no-fee rent and mortgage payment feature remains a key differentiator in the crowded fintech and card-issuing space and may deepen customer loyalty and retention, particularly among younger households transitioning from renting to owning.

The 10.00% introductory APR on new purchases for 12 months is likely designed to drive adoption and early card usage but could compress interest income margins during the promotional period. However, the long lead time for existing cardholders to migrate without a hard inquiry suggests Bilt is prioritizing a smooth transition and minimizing attrition risk. Partnerships with Cardless, Column, Fidem Financial, and Mastercard indicate Bilt is leveraging established technology, underwriting, and banking infrastructure rather than building fully in-house, which may limit capital intensity and regulatory burden while enabling faster scaling. Overall, the launch of Bilt Card 2.0 signals a strategic move to evolve from a niche rent-rewards offering toward a more comprehensive housing and everyday-spend rewards platform, with the potential to strengthen Bilt’s competitive position in the fintech and loyalty markets if customer acquisition and spending behavior justify the richer rewards structure.