Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The original title of this post was supposed to be, “My Bilt card is converting to a Wells Fargo Autograph Card and I’m not mad about it.” But then I pulled a 180 and decided at the last hour to splurge on the new Bilt Palladium Card.
I’ve admittedly been out of the loop lately when it comes to points, miles, and credit cards. Maybe it’s because I had zero desire to travel last year, but I’ve barely kept up with any news. So I was surprised when I got a letter from Wells Fargo, saying my Bilt Mastercard would convert to a Wells Fargo Autograph Card on February 6, 2026, unless I switched to the new Cardless-issued Bilt 2.0 card.
My first reaction was, “WHAT!? That came out of left field,” and my next reaction was, “That’s fine, actually.”
I’ve had the Bilt card for almost two years and constantly recommend it to others for the mere fact that it earns points on rent. It offers decent bonus categories for a no-annual-fee card, and some of the transfer bonuses have been exceptional. But when I got this notice in the mail, I initially decided I would just downgrade to a Wells Fargo Autograph card. I decided I didn’t need another premium credit card in my wallet. Furthermore, when I tried to compare the three Bilt card options, I was left completely confused.
Decoding the new Bilt cards
The new Bilt cards have a whole new earning structure and their annual fees range from $0 to $495. But their reward structures were even more confusing. All the blogs explained it in the most confusing way possible: You’ll earn 0.5-1.25x points on rent only if you also charge non-rent payments totaling 25%-75% of your monthly rent to the card. Say what?! My math-hating brain exploded. In reality, the card offers two options: 4% Bilt Cash or 1.25x points on rent. In my opinion, it offers the best value for people who don’t use it for rent payments because they’ll earn Bilt cash and points.
But at the time, it was confusing and I didn’t have the energy to think about it further. I was trying to simplify my rewards card portfolio and this seemed the opposite of that. So when January 31 rolled around (the deadline to choose a new Bilt card), I made peace with the fact that my Bilt card would convert to a Wells Fargo Autograph card.
That was fine with me because the Autograph Card’s $0 annual fee, 3X bonus on virtually everything, and the transfer partners all sounded great. But on February 1, I got a “last chance” email from Bilt letting me know they extended the selection period. I had until 11:59 p.m. (PT) that night to choose a new Bilt card if I wanted to. I took the bait and gave it one last look…
How the Bilt Palladium Card won me over
Looking at the marketing copy, I decided to focus on two major factors: How many points I could earn on non-rent payments and whether the annual fee was worth it.
First up was the Bilt Blue Card, which offered a $100 welcome bonus, 1X points on all spending, 4% Bilt Cash or 1.25x on rent, and no annual fee. It didn’t compare favorably against the Wells Fargo Autograph (at least based on my needs), so I passed.
The Bilt Obsidian Card was slightly more promising, with a $200 welcome bonus, reasonable $95 annual fee, and essentially the same earning structure as the old Bilt card. Plus, the card earned 1.25 points per $1 on rent or 4% Bilt cash. I thought, “even if I don’t use the card for rent, 4% is a pretty generous return on spend in addition to 1-3x points. I moved it into the “maybe” pile.
I was ready to write off the Bilt Palladium Card because of the $495 annual fee, but the rewards got me: 50,000 welcome bonus after meeting a $4,000 spending requirement in three months, $300 Bilt Cash, and 2X points on all spending outside of rent.
Plus, the card included $400 in annual Bilt Travel hotel credits and $200 in annual Bilt Cash. I would also earn 4% Bilt Card on all spending or 1.25x on rent. The Bilt Palladium Card also comes in a brushed metal or limited-edition mirror design. I don’t know that this card will work for me long-term, but for this year at least, I was sold.
The best part? No credit pull and I could still downgrade my old Bilt card to a Wells Fargo Autograph Card. I’ve wanted a Wells Fargo Autograph Card for a while now, but the low welcome bonus put me off. Why settle for 20,000 points when other cards offer 50,000 or more?
But in this scenario, I would get two new credit cards with no credit pull, over $1,000 in value from the Bilt Palladium Card during the first year, and generous ongoing rewards? Sold.
Final thoughts
In the end, I pulled the trigger and got the Bilt Palladium card in the mirror design. Ultimately, my decision to switch to a new Bilt Palladium card came down to four things:
- The ability to get two cards I wanted without a credit pull
- A generous welcome bonus
- Generous rewards on everyday spending
- Recurring perks
What tipped the scale for me was the ability to earn 4% cash in lieu of earning 1.25x points on rent payments. Even if I value Bilt points conservatively at 1.5 cents each, I’ll essentially earn 6% cash back on all purchases. Few cards offer such a generous return on your spending.
So that’s the story behind my decision to go from skipping the new Bilt card altogether to splurging on the premium Palladium version. I don’t know if I’ll keep this card long-term or downgrade after year 1, but I know this: It’s a rewarding card regardless of whether I’ll have rent to pay.
What are your thoughts on the new Bilt cards? Did you end up switching or downgrading to a Wells Fargo Autograph?
[…] This was published by Pointchaser, to read the complete post please visit https://pointchaser.com/report/bilt-palladium-card-switch/. […]
I went with the no fee card because I hate doing the math and didn’t want another annual fee. I really just use it for “rent” and feel like Bilt really screwed the pooch with making things more difficult than they needed to. As you said, the bloggers made it no help with their navigation of the new system and I like simple. Figured it’ll be a sock drawer card or just cancel it if I get tired of it (which it sounds like I will).
Probably should’ve pulled the trigger on the palladium but it was just too confusing of a product launch.
I hear you, it was super confusing. But ironically enough, I think the new Bilt card is better for non-rent payments. You get to pick between 4% Bilt cash or 1.25x on rent. For people who don’t have rent to pay, earning 4% Bilt cash (in addition to points) is a pretty sweet deal.
I hear you – I wouldn’t have even switched if I didn’t get that “last chance” email. Ultimately, I think this card is actually better for people who aren’t looking to use it for rent payments. I’ll probably downgrade after Year 1, though. I have too many premium cards in my wallet right now.
No rent, no mortgage, no debt, no unnecessary splurges.
I have never seen that the previous iteration of the card was of any use to me and the BILT 2.1 options are just as useless.
Good on you Tim, that’s the way to live. But here’s the thing: The new Bilt card is actually better for non-rent payments. Because you get a choice between earning 1.25x on rent or 4% Bilt Cash (in addition to 2X on all other spending with the Palladium).
And that ‘or” is why the card is even more confusing misleading headache than it’s worth.
If you earn 1.25x on rent it’s not worth it unless you have earned enough Bilt cash to pay the transaction fees on rent/mortgage payments.
You need to spend a min of $12,500 @ 4% Bilt cash just to break even on the $495 card fee. Then Blit cash is not really “cash” its basically a type of point system that has to be spent within the Blit ecosystem used to pay rent transaction fees, transfer to (air & hotel) travel partners, etc.. then you can only carry over $100 of Blit cash to the next year so your forced to spend/cash it in yearly which prevents you from saving up “Blit cash” for anything worth it. The new Blit system is flawed working against the end user & designed to spend spend spend to feel as if its actually rewarding.
Might as well go with a free simple card that gives 2% real “cash” back without pressure to spend and nothing to think about. or if you want to spend the $495 annual fee might as well go with AMEX which gives a ton more benefits to game which without any spend you can easily recoup more than the annual fee without much thought and pressure to spend, not to mention AMEX does not require you to cash your point out annually you can bank points as long as you want and optimize when & how you use them.
Just cut the Bilt card up & dont look back.
This is pretty much how I see it too Tom.Having to spend $12,500 to just break even on the fee, is ludicrous to me.
Yeah I wouldn’t use it to earn points on rent. But ironically enough, it’s more rewarding for everyday spending.
You’re right. As a rent payment card it’s becoming hard to justify. But if you opt out of that and choose to earn 4% Bilt cash on top of the 2X points (with Palladium), that can actually be quite lucrative. I’m pretty close to swapping out my remaining premium credit cards for no-fee cash back. But in this case, the Palladium actually makes sense because it gives you points and Bilt Cash (which you can use toward hotels, making it a sort of travel piggy bank).
I decided to cut it. The launch of 2.0 was so messed up it soured my desire to understand all the intricate math and I’m just looking for something easier that what they were offering.
I hear you. I felt the same. But once I figured it out, I realized there’s not much down side to trying it the first year.
$49 for the card??? typo. Quoting you, “I was ready to write off the Bilt Palladium Card because of the $49 annual fee, “
$49 is probably the influencer discounted price to advertise the card, for the rest of us its $495 a year.
Typo on my part. I wish it was $49!
Yes, it was a typo. But I was ready to drop the card regardless of fee – I’ve been downsizing my wallet.
I canceled them, card became useless needed to spend 2x your rent on the card for it canceled the required fees on paying rent. my rent is $2,500 & no way im going to put $5k month spend on that card am which I typically dont spent that much on my primary cards and trying to spend that on Blitz would give me to much life pressure causing me to give up my primary cards and overspend staying in debt. Blitz totally worthless now, even their welcome offers are horrible value. Might as well go buy a timeshare over the new Blitz card, dangerous junk.
Mostly the only supporter, bloggers of the card now are paid to advertise it and were invited to their launch.
You neglect to mention that it is a new credit line
True, but that’s par for the course. You do have the option to keep your Wells Fargo credit line open as a WF Autograph. That’s what I did.
I would stop saying you earn 4% on it because Bilt cash (coupons) aren’t cash at all it’s Monopoly money usable at a select few Bilt-specific partners.
It’s not ideal but on top of the 2X from the Palladium card, it beats my Venture card.
If you’re spending $495 on the annual fee and you subtract the credits because you would use them, you’re still paying out of pocket and it’s not truly 6% cash back.
For example, the AMEX CASH PREF gives 6% in groceries but charges $95 annual fee. Maximizing $360 – $95 you end up with 4.4% which is still great for groceries but it’s more accurate than saying you’re making the full 6%.
That’s 4.4-6% on groceries only. Plus, the Bilt Palladium comes with a 50k welcome bonus and $200. Gotta factor that in.
got the Pallidium card with the TPG bonus, now have 100k Hyatt points…worth the annual fee IMHO
That’s pretty valuable. I think it’s worth testing out for a year and deciding whether it works long-term.