Bilt Makes Some Changes
Tl;dr: Bilt status is going to be harder to earn, but it’s not clear yet how much that matters.
Bilt offers possibly the single best credit card on the market, especially for renters, and Bilt has steadily been making its value proposition better and better, for instance recently adding Marriott and Avianca as transfer destinations for Bilt points.
Unfortunately, they recently announced an update to their elite status program, one that makes it harder to reach the higher echelons of Bilt status. Those upper echelons have historically offered negligible benefits, so at first glance this devaluation doesn’t hit too hard. But this might be changing in the coming year. Regardless, the Bilt card and its monthly Rent Day promotions are still highly rewarding even for those without any status, so Bilt is certain to retain its status as a Lazypoints favorite.
What is the change, exactly?
Until now, Bilt status was based entirely on the number of Bilt points earned (by any means) in a given year. The basic status is Blue, with Silver status unlocked after earning 25,000 Bilt points, Gold status at 50k, and Platinum status at 100k. Silver status unlocked the ability to earn interest on points, which was the only perk with broad appeal. Each elite tier offered progressively greater bonus points for signing or renewing a lease at a Bilt Alliance property, Gold tier offered access to a home-buying concierge and the ability to use Bilt points towards a down payment, and Platinum status offered a complimentary Bilt Collection gift.
Now, qualifying with points will require 50,000 points to earn Silver status, 125k for Gold, and 200k for Platinum. Bilt is also now offering the opportunity to “fast-track” status via spending: $10k for Silver, $25k for Gold, or $50k for Platinum. This excludes rent, includes Bilt Mastercard spending, and includes spending (with any card) in the Bilt universe via, for example, Bilt Dining, Bilt Travel, or Lyft rides with Bilt selected as the rewards partner.
Those who qualified for an elite tier in 2023 will retain their status through 2024, but qualification for 2025 will be based on the new system.
The old benefits will remain, but Bilt is adding new benefits such as “milestone rewards” for each 25,000 Bilt points earned, and promises to add new elite benefits, though these haven’t been announced yet.
Recently, Bilt has offered premium benefits on Rent Day for elite members, with higher tiers earning larger transfer bonuses and earlier access to special opportunities (for instance, Platinum members had first crack at heavily-discounted NFL tickets during October’s Rent Day promotion).
What does this mean?
We’ll have to wait and see. Historically, Bilt’s benefits have been equally valuable for all members, but Bilt seems to be moving to encourage more spending in the Bilt universe by making the higher tiers more rewarding. For instance, January’s Rent Day benefits include transfer bonuses to FlyingBlue, IHG, and Virgin. While Blue (basic) members can turn 1,000 Bilt points into 1,750 points with any of those three programs, Platinum members’ 1,000 Bilt points can become 2,500 points. Folks who mostly take advantage of the Bilt card’s bonus points on rent without putting a lot of other spending on the card will find the Rent Day rewards less lucrative going forward.
That said, the average Bilt cardholder won’t feel much pain from these changes. The main Rent Day benefits–double points on non-rent purchases, Points Quest trivia, and RentFree–remain available to all. Most Bilt members are probably taking advantage of transfer bonuses rarely, if at all. And those who, for instance, want to take advantage of the transfer bonus to FlyingBlue this month are still in very good shape with the 75% bonus.
And I think this is a reasonable move from Bilt. The bonus points on rent are a loss leader, and the company ultimately needs people to spend on the card or elsewhere in the Bilt universe to make money. People who mostly use the card for rent still get that great bonus, along with the standard–and outstanding–Rent Day benefits like Points Quest. But with the Bilt card’s excellent earning rates, flexible and valuable points, and great protections, it might make sense for a lot of people to earn status via Bilt card spending, especially for those who prefer a simple setup with only one or two cards.
Conclusion
These changes are probably a negative for most people, with Bilt status becoming harder to earn and lower levels of status missing out on some of Bilt’s best perks. But the primary value proposition of the Bilt card remains unchanged: cardholders still earn points on rent, get double points on Rent Day, and enjoy a host of opportunities for bonus points. Non-elites will also still likely have access to most, if not all, of Bilt’s major Rent Day promotions, albeit to a lesser level than their elite peers. We will also have to wait to see what the 25,000-point milestone reward will be–it could end up being worth more than the (negligible) interest Silver members earned on interest in the old system. All told, as devaluations go, this is a pretty painless one for most people, and we still highly recommend the Bilt card.
If you don’t already have the Bilt card, check out our review HERE. You can apply for the card via our referral link HERE.