Is It Still Worth It? – Forbes Advisor – Technologist

On the first of every month, Bilt Rewards runs several promotions to members. Of those, its double points promotion has been one of the most valuable. For about 27 hours, from 12 a.m. ET to 11:59 p.m. PT, cardholders who make at least five transactions per statement period (Rewards and Benefits) can earn:

• 6 Bilt Rewards points per dollar spent on dining (normally 3 points per dollar)
• 4 points per dollar on travel booked directly with an airline, hotel or car rental or through the Bilt Travel Portal (normally 2 points per dollar)
• 2 points per dollar on other purchases (normally 1 point per dollar)

Bilt’s most innovative feature, earning points on rent expenses charged to the card, is excluded from the promotion and only earns its standard 1 point per dollar spent (up to 100,000 points per calendar year).

Cardholders have been able to earn up to 10,000 bonus points per month through the Rent Day promotion. But that cap is being slashed by 90% to only 1,000 bonus points per month starting in October 2024—a drastic change in earning potential for cardholders. Over the course of a year, this represents a drop in potential earnings by 108,000 Bilt Rewards points for someone maximizing the promotion. That’s worth $1,350 or more when redeemed through the Bilt Travel Portal.

Additionally, as of October 1, 2024, tax payments made by card will no longer be eligible to earn bonus points on Rent Day.

While some spending will still be covered within the new limit, there’s no longer the same opportunity. Previously, you could strategically wait to make large charges until they’d earn double points: International airfare, new furniture or essential daycare costs could shower you with rewards. Going forward, there will be less incentive to pull out your Bilt World Elite Mastercard® for major purchases.

Other Bilt Day promotions, such as complimentary SoulCycle rides, potential transfer bonuses and the chance to win one month’s free rent, are not impacted. To access these, check the Rent Day tab of your Bilt Rewards app.

Undoubtedly, the most unique feature of the Bilt Card is its earning structure which allows you to earn rewards on rent. That isn’t changing. You’ll still earn 1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company), and 1 point per dollar on other purchases.

Those points are transferable, too. Should you wish, you can transfer Bilt Rewards to any of its impressive list of partner airlines or hotels—a unique offering for a $0 annual fee card (rates & fees).

The card also packages some other valuable perks that are rarely seen with no annual fee cards such as select trip protections and no foreign transaction fees. Another plus that’s sticking around is up to $800 of cellphone insurance (when you pay your cell phone bill with the card, subject to a $25 deductible). Altogether, it could still be a winning proposition, especially for someone who prefers no annual fee credit cards.

The card does not offer a welcome bonus for new cardholders, though, which makes it uncompetitive compared to other rewards credit cards on the market. Renters, especially in markets with a high cost of living, could make up for that shortcoming more quickly than non-renters.

There’s a chance that the new limits on Rent Day bonus points won’t impact you. At 1,000 bonus points per month, that still assumes you’re charging a minimum of $333 (since the cap applies to bonus points, not base earnings) in a single calendar day (the first of the month). But someone who was regularly maxing out the bonus under its old ceiling is missing out on a lot of potential rewards with the new changes.

The best credit cards for large purchases could shower you with higher rewards or premium benefits. Many travel cards offer annual spending bonuses, such as airline companion passes or hotel free night certificates. Or, you might be better off using a 2% cash-back credit card that earns the same amount on every purchase all month long with no caps, especially if Bilt’s bonus categories (travel and dining) don’t align with your typical spending.

The ability to earn points by paying rent with your Bilt Card means the card still remains valuable to renters, but new Rent Day limits are disappointing nonetheless. If you’ve loved scoring big on this promotion, you’ll have one last chance to earn extra points in September before the cap changes the game. After that, you can still earn rewards for purchases you’d make anyway, but the upside proposition will never be the same.