Earning twice the points when you swipe your *Bilt Mastercard* on the first of the month has been a mainstay of Bilt's monthly Rent Day promotions. But soon, it'll be far less lucrative.
Late last week, Bilt quietly updated the terms of its monthly Rent Day promotion, capping the double-point earning on the first of the month at 1,000 bonus points effective Oct. 1, 2024. That's down significantly from the 10,000-point cap in place currently.
With an unbeatable stable of transfer partners, Bilt points are incredibly valuable … but they're also harder to earn than the likes of Chase or Amex points. Earning twice the points on non-rent expenses on the first of each month was arguably the best pathway and a good way to convince even non-renters to grab a Bilt Mastercard
But come Oct. 1, those Rent Day earnings are getting cut by 90%. And, as always, you'll still need to make at least five purchases each statement cycle in order to earn any points at all – a stipulation designed to keep the Bilt Mastercard at the top of your wallet all month long, not just the first of the month.
Plenty of travelers have planned out spending or fancy dinners for the first of the month in order to maximize how many Bilt points they can earn. But with just 12,000 bonus points a year now on the table going forward, (versus 120,000 previously), the Bilt Card is unlikely to move the needle for many currently considering it going forward.
Since the card ordinarily earns 3x points on dining, 2x points on travel, and 1x on all other purchases, those Rent Day double points bump things up even further:
- 6x Bilt points on dining (usually 3x) or up to 16x at Bilt Dining restaurants
- 4x Bilt points on travel (usually 2x)
- 2x Bilt points on other spend (usually 1x)
This is all in addition to the 1x Bilt points you earn on rent payments with the Bilt Mastercard.
Once the new cap goes into effect, a $500 flight purchase or a nice $333 dinner would be all it takes earn the maximum amount of bonus points. Heck, even a $1,000 purchase in a non-bonus category, like a new refrigerator or supplies for a home renovation, would put you up against the cap.
Bilt's Vice President of Travel, Richard Kerr, justified the change on social media, saying it will impact less than 2% of members. By capping Rent Day bonus points, he says the company will to keep offering other monthly benefits like transfer bonuses and Rent Day experiences.
The Wall Street Journal reported last month that Wells Fargo – the bank that issues the Bilt Mastercard – is losing as much as $10 million per month on its Bilt relationship. After betting big on Bilt, the bank isn't seeing nearly as many cardholders carry a balance or use the card for everyday spending as it expected.
No matter the reason, this change hits hardest for non-renters.
The *Bilt Mastercard* has proudly bucked the trend of offering cardholders a big sign-up bonus. Instead, Bilt has made a splash by investing in massive transfer bonuses like an unprecedented bonus of up to 100% to Alaska Airlines on July 1.
But Bilt points are still much harder to earn than other transferrable points programs. And with this change, it gets even harder.
Bottom Line
Effective Oct. 1, Bilt is capping how many points you can earn through its double points promotion on the first of each month.
Rather than the current maximum of 10,000 points, Bilt will cap those promotions at just 1,000 points a month That's a massive devaluation and will no doubt be a big blow to cardholders who typically hold out on making big purchases until the first of the month.
It’s wonderful news to my ears to hear that Wells Fargo is losing money on this card every single month. Additionally, the customer service directly with Wells Fargo in relation to the card, is absolutely atrocious. Furthermore, be very careful when using this card to pay your rent. For example, if the last day of the month falls on a Saturday or Sunday, the charge will not occur until the next business day, as the bank doesn’t accept ACH (check) payments on weekends. Therefore, your rent payment may show up late with your landlord. Additionally, if it’s a short month such as February or a 30 day month, and the next rent payment comes due within the same billing cycle, it will create even further havoc for the cardholder as you run the risk of the rent being denied. This happened to me. It’s in the terms and conditions that only one rent payment is allowed per bill cycle. Therefore, if you’re closing date is near the beginning of the month. You could wind up with 2 rent payments on one billing cycle, and 1 of them will be rejected. I reached out to Wells Fargo on this specific issue, and I received a “too bad, so sad” response. I then had to clear up the mess with my landlord by writing them a check.
Therefore, think twice about getting this card.