I have long been a fan of the BILT Mastercard. It has been a creative and game-changing way to earn points on Rent, something no other card offers. With its top-tier transfer partners and Rent Day double points promotion, BILT has earned a spot as one of my most-used cards. However, starting October 1, 2024, that is all about to change — and not for the better.

The Big Change Coming To Rent Day

Starting October 1st, 2024, there is a significant change coming to how BILT Mastercard users can earn points on Rent Day.

Traditionally, BILT Mastercard holders earned double points on all spending on the first of the month. This meant you got 6x points at Restaurants (instead of the usual 3x), 4x on Travel (instead of 2x), and 2x points on All Other purchases (instead of 1x). It was a great way to boost your point balance with everyday spending, especially if you planned your purchases around Rent Day​.

However, I received an email today from Ankur Jain, CEO of BILT Rewards (it was a mass email, not a personal one).

Credit. Hunter Threadgill. Email from Bilt.

While he highlighted the past innovations at BILT and hinted at new features related to Healthcare and Student Loans, he also tucked some bad news at the very bottom:

“Starting October 1, 2024, the Double Points on Bilt Mastercard offer maximum will be updated to 1,000 points per Rent Day.”

Credit. Hunter Threadgill. Bilt Devaluation Email.

In other words, all bonus earnings on Rent Day will now be capped at 1,000 points. Whether you spend $334 at Restaurants or $1,000 on General purchases, you will not earn more than 1,000 bonus points on Rent Day​. Previously, the cap was 10,000 points, so this is a 90% reduction in earning potential​.

My Thoughts On The BILT Devaluation

To say I am disappointed would be an understatement. I understand this may be a reaction to the growing popularity of BILT and external financial pressures, but it feels like a step backward. Recent reports suggest that the issuing bank for the BILT Mastercard, Wells Fargo, has been losing millions of dollars a month on the BILT program, which may have prompted this move​.

What bothers me most is how they tried to downplay the change. Rather than being upfront, they tucked the bad news at the very bottom of the email. Just rip the band-aid off! Do not make your loyal customers hunt for it.

This move fundamentally changes how I will use my BILT  Mastercard moving forward. I used to save all my bills for the first of the month, charging them to my BILT card to maximize the double points offer. If I dined at my favorite restaurant on Rent Day, I would even grab a gift card to earn 6x points — potentially 12x if I hit the right transfer bonus! But now, with the 1,000-point cap, this strategy no longer works​.

What This Means For My BILT Usage

Honestly, this devaluation has me rethinking the BILT Mastercard as a daily spending card. I have typically put a lot of my dining spend on it, knowing I could rack up serious points with the Rent Day bonuses. But with the cap, it is no longer worth it. Sure, I will still use it to pay my rent each month (why leave points on the table?), but beyond that, I am not sure it makes sense to prioritize this card anymore.

Achieving BILT elite status is now harder too, which means I might not even get the lucrative transfer bonuses that make the card so valuable. Without those, the everyday earning rates just do not compete with other cards on the market. For example, the American Express® Gold Card card earns 4x points on Dining all month long, not just on Rent Day​.

Final Thoughts

The decision by BILT to cap Rent Day earnings at 1,000 points is a major blow to those of us who used the card to maximize our points. While BILT still offers some value through rent payments and transfer bonuses, this change fundamentally alters how I view the card for everyday spending. I will still keep it in my wallet for Rent payments, but as for other expenses, I will look elsewhere.